Baltimore-Washington Corridor Industrial Properties Sell For $22.5M
- Oct 03, 2014
Two more industrial properties in the Baltimore-Washington corridor recently changed hands. Located in Savage and Elkridge, the two properties traded for approximately $22.5 million.
IPT Acquisitions purchased the Savage building from Atapco Properties, for $9.9 million. It is a 121,380 square-foot, small-bay warehouse, located at 8730 Greenwood Place, close to I-95. Amenities include 24-foot ceiling heights and ample car parking.
According to PropertyShark.com, the property, originally built in 1985, is currently valued at about $4.4 million. The real estate website also said that Atapco purchased it in 2010 for $4.5 million.
CBRE’s Bo Cashman and Jonathan Beard arranged the sale. “We have seen the spread between Class ‘A’ and Class ‘B’ cap rates tighten to historical lows. The sale of 8730 Greenwood Place is indicative of this compression for Class ‘B’ industrial assets. It is apparent that the influx of industrial investment capital is moving our market rapidly,” Senior Vice President Bo Cashman said in a press statement. According to CBRE, the property was fully leased at the time of the sale.
In nearby Elkridge, Cassidy Turley arranged the sale of a larger warehouse. TA Associates purchased the property from Morgan Stanley, for $12.5 million.
The warehouse is located at 6930 San Tomas Road, within the Route 100 Industrial Park. It has 205,800 square feet of space and, at the time of the sale, it was 32 percent leased. According to PropertyShark.com, the property, originally built in 1982, last changed hands in 1992, for $6.7 million. Its current market value is set at $6.3 million.
The Cassidy Turley Capital Markets team which represented the seller included Jonathan M. Carpenter, Nicole R. Keelty and Graham Savage. “The sale continues the trend of value-add industrial acquisitions in the Baltimore-Washington Corridor. With the continued economic recovery and corresponding increase in occupancy and rental rates, this partially leased warehouse will provide value-add returns for the buyer, TA Associates,” Jonathan M. Carpenter said.
Photo credits: Atapco Properties