Aberdeen’s Advantage Business Park Sells for $31M
- Sep 22, 2014
CBRE recently announced the sale of another important industrial property in the Greater Baltimore area. Advantage Business Park, an industrial bulk warehouse located at 504 Advantage Way, in Aberdeen, sold for $31 million, reaffirming once more the strength of Baltimore’s I-95 North submarkets.
SK Realty Management purchased the property from 504 Advantage Way, LLC. The Advantage Business Park offers 528,780 square feet of warehouse and freezer space. According to real estate website PropertyShark.com, the facility was constructed in 1990 on 42 acres of land. The same real estate website reports that Advantage Business Park last changed hands in 2007, when 504 Advantage Way, LLC acquired it from Aberdeen LLC for $27.05 million. The current market value of the property is set at around $23 million.
“This transaction affirms the strong investor interest in Mid-Atlantic industrial assets along I-95 and, specifically, the Harford/Cecil County industrial submarket. The I-95 North market continues to outperform other Baltimore industrial submarkets and, in fact, Harford/Cecil County ranks as Baltimore’s tightest. The property’s new ownership has been very active in this particular submarket in the past three years and, with this purchase, substantially expanded their holdings,” CBRE Senior Vice President Jonathan Beard said in a press statement. Beard collaborated with Bo Cashman and Bill Pellington, also of CBRE, to arrange the sale of Advantage Business Park.
In a news release, CBRE said that Advantage Business Park was fully leased at the time of the sale to three tenants. Gordon Food Service, one of the largest private companies in the United States, is the facility’s anchor tenant. It is currently making significant upgrades to its space, including the 125,000 square feet of existing freezer/cooler space.
Photo credits: Google Maps