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881 Cromwell Park Drive

Intuitive Machines Leases 21,117 SF In Glen Burnie, MD Mixed-Use Facility
LEASEDMixed-use

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

Lacey Johansson

St. John Properties

Broker

1 deal

Broker

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