Description

In July 2018, an ARLS Properties affiliate acquired an 111,000 square foot office building at the intersection of York Road and Greenridge Road in Lutherville, Maryland formerly known as Heaver Plaza. The property was purchased out of foreclosure. After purchasing the property, ARLS Properties began a two-year, $7 million capital improvement plan, replacing the roof, a parking lot overlay, replacement of the HVAC systems, a LED lighting upgrade, common area, and restroom upgrades, exterior painting and caulking, new entrance ways and patio, and refurbishing the elevators. ARLS has since stabilized the property, achieving an occupancy rate of greater than 90%, entering into leases with several new tenants, including several law, financial services and other service professionals, and extending leases of many existing tenants. office users, and has achieved extended short-term leases and month-to-month tenants.

Key Features