THE WEBB SCHOOL

Westchester, NY
Office | 45,000 sf

Purchased: $1,800,000 (1996)
Sold: $4,800,000 (2000) 

In July 1996, an affiliate of BCC purchased a 45,000-square-foot office building in White Plains, NY, from the Resolution Trust Corporation. The purchase price was $1.8 million. At the time of acquisition, the building, referred to as The Webb School, was performing poorly and had several expiring leases. During the next four years, The Webb School was leased to 97% occupancy and sold for $4.8 million. A BCC affiliate served as manager of the ownership group, and BCC was the asset manager for the property.

CIRCLE MANOR

Kensington, MD
Assisted Living | 30,000 sf

Purchased: $2,400,000 (2005)
Sold: $6,400,000 (2005)

In August 2005, BCC acquired an 87-bed, recently closed nursing home facility located on 4.5 acres in the historic district of Kensington, MD, for $2.4 million. The property included the historic home of Brainard Warner, the founder of Kensington, and was zoned for 18 single-family residential lots. Within two months of the acquisition, BCC closed on the sale of this property to the Montgomery County Legacy Open Space Program for $6.4 million.

ANNAPOLIS COMMERCE PARK

Annapolis, MD
Office / Warehouse | 101,000 sf

Purchased: $12,200,000 (2004)
Sold: $19,250,000 (2007)

In April 2004, an affiliate of BCC purchased a controlling interest in Annapolis Commerce Park East, a 101,000-square-foot flex warehouse property located in Annapolis, MD. The purchase price was $12.2 million. Over the next three years, the property was leased to 100% occupancy and sold in May 2007 for $19.25 million to First Potomac Realty Trust.

ATRIUM VILLAGE

Owings Mills, MD
Assisted Living | 295,000 sf

Purchased: $30,000,000 (2001)
Sold: $57,500,000 (2007)

In 1999, BCC was retained to secure financing and to be a part of the team that developed Atrium Village, a 275-unit independent and assisted living facility located in Owings Mills, MD, a northern suburb of Baltimore. BCC secured equity and debt financing for this property that was physically completed in July 2001 at a cost of approximately $30 million. Atrium Village was sold in June 2007 for $57.5 million.

BP SOLAR SITE

Frederick, MD
Industrial & Land | 23 acres

Purchased: $3,000,000 (2012)
Sold: $13,780,000 (2015)

In June 2012, a BCC affiliate purchased the BP Solar property in Frederick, MD, from BP Solar, Inc., a wholly owned subsidiary of the British Petroleum Company, for $3 million. Located at the intersections of Interstate 270 and Interstate 70, the property consisted of 23 acres and included a 65,000-square-foot warehouse; a 130,000-square-foot concrete foundation; a 66,500-square-foot underground warehouse beneath the foundation; the 102,000-square-foot former BP Solar manufacturing facility (which was demolished); and additional developable land and parking. On June 30, 2015, BCC sold the entire property to AstraZeneca for $13.78 million. BCC’s investors received an internal rate of return of 47.7% during the course of this investment.

NEWINGTON INDUSTRIAL

Newington, VA
Industrial | 107,000 sf

Purchased: $5,600,000 (2002)
Sold: $16,650,000 (2015)

On July 20, 2015, BCC sold the 107,000-square-foot Springfield Newington Industrial Center to an affiliate of the Stockbridge Capital Group for $16.65 million. The closing price for this asset exceeded $155 per square foot. BCC had purchased this asset in 2002 for $5.6 million.

MARLOW SELF STORAGE

Marlow Heights, MD
Self Storage | 63,000 sf

Purchased: $1,800,000 (1993)
Sold: $4,250,000 (2015)

On November 24, 2015, BCC closed on the sale of Budget Self Storage Marlow Heights to Self Storage Capital Partners for $4.25 million. The sale price for this asset equated to $66 per square foot. BCC purchased this property in 1993 for $1.8 million.

STERLING SELF STORAGE

Sterling, VA
Industrial | 57,000 sf

Purchased: $1,850,000 (1991)
Sold: $8,900,000 (2016)

On March 24, 2016, BCC closed on the sale of Budget Self Storage Sterling to an affiliate of Devon Self Storage for $8.9 million. The sale price for this asset equated to $155 per square foot. BCC purchased this property in 1991 for $1.85 million. During the investment lifecycle, investors received an internal rate of return of 26.44%.

TOWN NIGHTCLUB

Washington, DC
Nightclub / Land | 20,000 sf

Purchased: $9,100,000 (2008)
Sold: $25,000,000 (2016)

In 2008, an affiliate of BCC purchased a controlling interest in the entity that owned the Town Danceboutique property located at 2009 8th Street in Northwest, Washington, DC. The total basis in this investment at that time was $9.1 million. In 2016, the property was sold for $25 million to a multifamily developer. 

31 & 35 SHERIDAN STREET NW

Washington, DC
Industrial | 14,000 sf

Purchased: $780,000 (2005)
Sold: $1,850,000 (2017)

In March 2005, a BCC affiliate purchased the 14,000-square-foot office warehouse property in Northwest Washington, DC, for $780,000. In December 2017, this property was sold for $1.85 million.

BLADENSBURG ROAD BUSINESS PARK

Washington, DC
Industrial / Retail | 59,000 sf

Purchased: $2,700,000 (2002)
Sold: $8,100,000 (2019)

This 59,000-square-foot, multi-tenanted distribution warehouse property is located in a rapidly developing part of Northeast Washington, DC. Tenants include Next Day Cabinets, &Pizza, Lime Scooters, United States Postal Service, and Conduent Business Solutions. This property was purchased in 2002 for $2.7 million. In July 2019, the property was sold for $8.1 million.

HIGHLAND BUSINESS PARK

Springfield, VA
Flex / Office | 11,000 sf

Sold: $1,550,000 (2019)

In 2019, BCC sold 11,000 square feet of flex office space for $1.55 million.