After dealing with red tape for several months, creditors of bankrupt Integrated Health Services are marketing the 233,000-sf property at 910-930 Ridgebrook Road in Sparks, Md

Real Estate Alert, June 23, 2004

After dealing with red tape for several months, creditors of bankrupt Integrated Health Services are marketing the 233,000-sf property at 910-930 Ridgebrook Road in Sparks, Md. The suburban Baltimore office property, valued at $30 million, or $130/sf, is listed with TriAlliance Commercial Real Estate Services.

TransHealthcare, which took over Integrated in 2002, leases 147,000 sf through 2013. The rest of the space is vacant. The marketing effort focuses on value-added players and owner-occupiers. A buyer that leases the vacant space, or flips a vacant 56,000-sf building and leases the remaining space, would receive a stabilized yield of 10%.