IIT Buys Two Greater Baltimore Industrial Assets for $16.1M
- Sep 07, 2012
Industrial Income Trust continues its buying spree in the Greater Baltimore area. The Denver-based real estate investment trust paid $16.1 million for two fully leased industrial properties. The transactions occurred simultaneously in the first week of August. TA Realty Associates was the seller. The company was represented by CBRE’s Bo Cashman, Jonathan Beard and John Boote.
The first property is 8801 Citation Road in Baltimore County. It is located within the 1.4 million square foot Pulaski Industrial Park, just 1.5 miles from the I-95/I-695 Interchange and 7 miles east of the Port of Baltimore. The property totals 156,797 square feet and features 30-foot clear heights, 17 loading docks and one drive-in. Industrial Income Trust paid $10.3 million.
The other property is the Emmorton Center located at 2109 Columbia Park Drive, in Edgewood, Harford County, MD. The single story industrial warehouse was completed in 1997 on 5.7 acres. It totals 107,300 square feet and features GI zoning, masonry construction, sprinklers, utilities, 80 free surface parking spaces, a 0.56/1,000 square foot parking ratio, 28 exterior docks and two drive-in bays, as well as 28-foot ceiling heights. Route 24, Route 40, Route 1, I-95, I-695 and I-83 are all conveniently located nearby. Industrial Income Trust paid $5.8 million for the property.
The Greater Baltimore Metropolitan industrial market experienced continued demand in the second quarter of 2012. A market report released by CBRE says the overall vacancy rate decreased in the second quarter of 2012, from 10.9% to 10.4%, as users are seeking to lease space at lower costs before the recovery pushes rents higher. As leasing activity improves in the region, investors are looking to purchase high quality industrial assets.
Industrial Income Trust has been very active this year in the Baltimore Metropolitan Area. The real estate investment trust paid $7.8 million in April for a 128,800-square foot industrial building located at 7453 Candlewood Road in Hanover, in the Baltimore Commons Industrial Park. A month later, in May, it purchased its second Hanover industrial asset, the 198,369-square-foot building at 7463 New Ridge Road, for which it paid $11.7 million. A 222,636-square-foot bulk warehouse at 7621 Energy Parkway in Curtis Bay was acquired for $15.2 million at the start of August.
Charts courtesy of CBRE.