Intuitive Machines Leases 21,117 SF In Glen Burnie, MD Mixed-Use Facility
881 Cromwell Park Drive
Building Size
21,117 SF
Asset Type
Mixed-use
Closing
Jun 3, 2024
AI
The property located at 881 Cromwell Park Drive, Glen Burnie, MD, is a mixed-use asset spanning 21,117 square feet. The lease transaction occurred on 06/03/2024 between the landlord, Matt Lenihan of St. John Properties, Inc, and the tenant, Intuitive Machines, a space exploration company.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: Not provided
- LANDLORD: Matt Lenihan - St. John Properties, Inc
- TENANT: Intuitive Machines
- BROKER: Lacey Johansson - St. John Properties
The new facility leased by Intuitive Machines at Cromwell Business Park will be utilized to build and test space equipment. The expansion aims to grow the local workforce to 40 employees by the end of the year.
Players
Glen Burnie Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93