Interest High in Baltimore Area Industrial Properties
By Adrian Maties, Associate Editor
Investors continue to exhibit confidence in the Greater Baltimore industrial market. The low unemployment, close proximity to Washington, DC and Philadelphia, and ease of access to the Port of Baltimore make the area very attractive to industrial users and investors.
Terreno Realty Corporation has acquired an industrial property in Elkridge, Md. The deal was closed on June 12, with a purchase price of almost $16.7 million.
The property consists of two multi-tenant industrial distribution buildings located at 6675 Amberton Drive and 6660 Santa Barbara Road. The buildings are adjacent to I-95, US Route 1 and Maryland Route 100 in the Baltimore/Washington Corridor. They provide 107 dock-high and 10 drive-in doors and offer approximately 349,000 square feet of space on 17.9 acres of land. The two buildings are 64% occupied and are leased to seven tenants. According to Terreno, the estimated stabilized cap rate of the property is 8.0%.
Terreno Realty Corporation is a San Francisco-based buyer, owner and operator of industrial real estate in six major coastal U.S. markets: Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, D.C./Baltimore.
In related news, Cassidy Turley recently announced the completion of three leases within the Baltimore Washington Corridor. The leases total over 33,000 square feet of industrial space at RREEF’s New Ridge/Benson portfolio.
The properties are located at 7476 New Ridge Road in Hanover, Md. and 3431 Benson Avenue in Baltimore. They total 132,276 square feet and are presently 75% leased, according to Cassidy Turley.
Goodwill Industries of the Chesapeake, Inc., represented by Cassidy Turley’s David Downey and Michael Walsh, leased 20,302 square feet. T.F. Andrew Carpet One, Inc., represented by Michael Walsh of Cassidy Turley, leased 10,104 square feet, while SETO Holdings, Inc., represented by Cushman and Wakefield’s Jonathan Casella, leased 2,153 square feet.
The landlord, RREEF, was represented by Jarred Testa and Tilghman Herring of Cassidy Turley’s Core Industrial Leasing Team. “We are very pleased with the client-first, results oriented service that Jarred and Tilghman provide. Combined with a comprehensive knowledge of Baltimore’s industrial market, they are a true value-add service provider,” said Michael Ready, vice president of Real Estate Asset Management with RREEF/Deutsche Asset & Wealth Management, in a press statement.
Charts courtesy of CBRE.