Belcamp’s Riverside Distribution Center Sells for $31.1M; Baltimore County Industrial Building Secures $12.5M Bridge Loan
- Sep 17, 2012
Cassidy Turley recently announced the sale of a 599,109-square-foot industrial property in Belcamp, MD. Pennsylvania-based Exeter Property Group acquired the portfolio from Boston-based TA Associates for $31.1 million. The seller was represented by Jonathan Carpenter and James Wellschlager of Cassidy Turley’s Capital Markets Group.
The Riverside Distribution Center is comprised of two Class A distribution properties located at 121 and 151 Bata Boulevard. The facility at 121 Bata Boulevard was constructed in 1998 while the property at 151 Bata Boulevard was built in 2000. According to Cassidy Turley, the Riverside Distribution Center is 93.3 percent leased.
“These truly modern and functional Class A properties are equipped with many [key] features that serve the evolving distribution needs of today’s corporate tenants,” Jonathan Carpenter, said senior vice president and principal at Cassidy Turley. “As a testament to the quality of the real estate and the submarket location, we performed over 20 property tours and the offering appealed to a large pool of qualified regional, national and international investors,” he added.
In other news, a 689,000-square-foot industrial building located in the Baltimore suburb of Arbutus has secured a $12.5 million bridge loan from Hudson Realty Capital LLC, a New York City-based real estate fund manager.
The building is located on 34 acres in Baltimore County, south of Baltimore. Interstate 95 is just one mile away and easily accessible via the I-295 and I-695 interchanges. It features 26-foot to 32-foot clear heights, 50-foot column spacing, 26 cranes, including one 10-ton crane bay and 12 drive-through doors. The building also offers covered rail service and access to the Port of Baltimore. Its tenant roster includes a manufacturing company, mechanical contractor, logistics company and wholesaler of natural stone products.
“Like many owners of Class-B and Class-C assets in the nation’s middle markets, this sponsor needed a competitively priced, non-recourse bridge loan to stabilize the property for the longer term,” said Geoffrey Smith, one of Hudson’s managing directors. “Hudson is helping fill the lending void in primary and secondary markets for storied properties that are poised for a rebound and sustained growth.”
Image courtesy of Hearn Burkley.