1/8/2008

Massachusetts REIT buys Maryland service station for $24.9M

by

TA Baltimore South Travel Center #151

Hospitality Properties Trust, a Newton, Mass.-based REIT, has acquired the TA Baltimore South Travel Center #151 in Jessup, Md., from a private investor for $24.9 million.

Michael Early, Timothy Phillips and Matthew Greenspon of Marcus & Millichap represented the seller while the buyer was self-represented.

The property consists of a travel center and service station with a 110-room hotel, full service restaurant and travel store. It is located at 7401 Assateague Drive on 20.23 acres and sold with a capitalization rate between six and seven percent. It is one of the largest travel centers in the country as measured by traffic volume.

Jessup is located roughly 15 miles southwest of Baltimore and has a population of 7,865.

Address: 7401 Assateague Drive, Jessup, Md.

Size: 110 rooms

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Filed Under: Mixed Use

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