MCRES Represents Broadmead in Acquisition of Three-Building Portfolio in Sparks for Future Expansion
Senior living provider purchases 221,000 square foot portfolio on Ridgebrook Road in long-term strategy to convert commercial office space into 80 independent living residences plus amenities
Broadmead, Inc. has acquired a three-building commercial office portfolio in the Sparks section of Baltimore County as part of a long-term strategy to convert the more than 220,000 square feet of space into 80 independent living residences and amenities. The expansion of the senior living provider’s existing campus in Cockeysville, which is located less than three miles south of the new site, is pending approval by the Maryland Department of Aging. Tom Fidler, Executive Vice President and Principal of MacKenzie Commercial Real Estate Services, handled site selection activities and represented Broadmead in the sale negotiations.
Broadmead at Ridgebrook is the Quaker-founded Life Plan Community’s first off-site campus expansion since its opening in 1979. The acquisition is comprised of 910, 920 and 930 Ridgebrook Road, a collection of mid-rise buildings contained on approximately 60 acres of land, and is currently less than 5 percent leased to various commercial office tenants. Upon the receipt of final approvals, Broadmead intends to convert the interconnected buildings into independent living residences and complementary wellness spaces, dining venues, and outdoor amenities, a plan which includes improving the common areas.
“There continues to be a growing need for senior and independent living options as the ‘Silver Tsunami’ takes full effect and the baby boomer generation seeks housing and medical support for the next phase of their lives,” explained MacKenzie’s Tom Fidler. “Broadmead has perfected a proven model for this demographic but the competition for senior living spaces remains fierce and providers cannot keep pace with current demand. We do not see this trend shifting in the immediate or long-term future.
“Broadmead has been searching for land or existing building assets that could fulfill their mission of providing best-in-class residential living and healthcare services, and MacKenzie identified the Ridgebrook Road campus, which is within close proximity to its current facility,” Fidler added. “Following an extensive due diligence process that included market and financial feasibility studies, plus architectural and engineering reviews and planning, the site was determined to seamlessly align with Broadmead’s commitment to sustainability and overall vision.”
Fidler said that the property’s zoning needed to be revised from M1 (light industrial) to residential, a significant hurdle that was cleared last November when the Baltimore County Council unanimously voted in support of the change. “When announcing the ruling, the Baltimore County Council expressed its gratitude for Broadmead’s plan to utilize a smart growth strategy to transform a nearly vacant commercial office campus into a vibrant new use,” he added.
According to the U.S. Census Bureau, by 2030 more than 20 percent of the country’s population will be 65 or older, an age in which many people begin making decisions about the next phase of their lives.
MacKenzie Management Company, the property management division of The MacKenzie Companies, has been selected to handle asset management services for the three buildings. The scope of this work centers on maintaining the efficient operations of the portfolio’s building operating systems.
MacKenzie Commercial Real Estate Services is the real estate brokerage arm of The MacKenzie Companies, which operates five full-service divisions addressing all real estate asset classes, including MacKenzie Management Company, MacKenzie Contracting Company, MacKenzie Capital, and MacKenzie Investment Group. The company provides customized real estate solutions for institutional owners, investors, private companies, and individuals. For additional information, visit www.mackenziecommercial.com
