MacKenzie Commercial Real Estate Services brokers 6,250 square foot lease at 12,000 square foot building
Univest Bank and Trust Co., which operates as the retail division for Univest Financial Corp. (NASDAQ:UVSP), has signed a lease with Valley Gateway, LLC for 6,250 square feet of space at 10801 Tony Drive in the Lutherville-Timonium section of Baltimore County. The site represents the first of two initial entry points into the greater Baltimore marketplace for the Souderton, Pennsylvania-based financial institution which lists assets of approximately $6.7 billion. Bill Whitty, Senior Vice President and Principal and Henson Ford, Senior Real Estate Advisor for MacKenzie Commercial Real Estate Services represented the landlord in this transaction. Scott Wingrat of Cresa represented the tenant.
Founded in 1876, Univest Financial Corp. provides a full range of financial solutions for individuals, businesses, municipalities and nonprofit organizations through its network of more than 50 offices situated throughout the Mid-Atlantic region. The company, which announced its expansion intentions into both the Baltimore and Pittsburgh markets earlier this year, plan to open its first Marylandoffice at 10801 Tony Drive in first quarter 2023.
10801 Tony Drive is a two, story building containing approximately 12,000 square feet of retail and commercial office space, and is situated directly off Falls Road near Green Spring Station. Surrounded by a free surface parking lot, nearly 21,000 vehicles pass the site on a daily basis via Falls Road, with an additional 13,000 vehicles driving by each day using Greenspring Valley Road. The site is within walking distance to numerous restaurants and retail shops, as well as three Johns Hopkins medical offices.
MacKenzie is handling all property management and leasing for the asset which is located approximately five miles from Towson and 10 miles from downtown Baltimore City and is directly adjacent to Interstates 83 and 695 (Baltimore Beltway).
According to an article recently published by S&P Global Market Intelligence, following a record 3100 bank branch closings last year throughout the United States, the pace has slowed considerably this year, with just over 300 closings in the second quarter. The report indicated that although “banks continue to right-size their branch network,” they consider “branches as an integral part of their distribution.”
“With its entry into the Baltimore area, it was essential for Univest Bank and Trust to establish its first locations in high-profile areas with direct access to major highways and above-average demographics, and the financial institution accomplished these objectives with its lease at 10801 Tony Drive,” explained Henson Ford of MacKenzie Commercial Real Estate Services.
“With four private schools in the immediate area, this section of Baltimore County is heavily traveled each morning and afternoon, with the adjacent Green Spring Station attracting a high volume of employees, shoppers and medical patients throughout the day. The unique stone exterior of the building, and iconic appearance, is in keeping with Univest Bank’s mission to stand out from the existing competition in the financial services industry. Additionally, the landlord’s willingness to create additional surface parking spaces, plans for a new builing elevator, and other capital improvements helped to secure the deal,” he added.
MacKenzie Commercial Real Estate Services is the real estate brokerage arm of The MacKenzie Companies, which operates six full-service divisions addressing all real estate asset classes including MacKenzie Management Company, LLC, MacKenzie Contracting Company, LLC, MacKenzie Capital, LLC, MacKenzie Investment Group and Datastory Consulting. The company provides customized real estate solutions for institutional owners, investors, private companies and individuals. For additional information, visit www.mackenziecommercial.com