Industrial Income Trust Buys Hanover Building; Walker & Dunlop Gets Financing for Hunt Valley Towne Centre
- Apr 06, 2012
A subsidiary of Colorado-based Industrial Income Trust Inc. (IIT) has paid $7.8 million for the BWI Commerce Center in Hanover, Maryland. The 128,000-square foot industrial building was sold by an affiliate of Boston’s Great Point Investors LLC.
The building is located just off the Ridge Road Exit of Maryland Route 100, in the Baltimore Commons Industrial Park at 7453 Candlewood Road. The facility is fully leased. It is close to BWI, Fort Meade and the National Security Agency and provides easy access to major Interstate highways. CBRE Group Inc.’s senior Vice President Bo Cashman and First Vice President Jonathan Beard represented the seller.
This is IIT’s second acquisition in Hanover. Last December, the REIT also bought the Crossroads Distribution Center. IIT paid $42.5 million for the 507,000-square foot asset which is 57 percent leased. The acquisitions show that the industrial market in the Baltimore Metropolitan area is growing stronger.
IIT is an industrial real estate investment trust focused on acquiring and operating high-quality distribution warehouses that serve as logistics centers for corporate tenants.
In other real estate related news, Walker & Dunlop, Inc. announced last week that Walker & Dunlop, LLC, its subsidiary, received a $90 million loan from the American International Group, Inc. to acquire the Hunt Valley Towne Center, in Hunt Valley, Maryland. Terms of the loan include eight-year interest-only payments. Executive Vice President J. Tyler Blue, and Vice President Paul Wallace led the Walker & Dunlop financing team.
Hunt Valley Towne Centre is a 766,256 Class-A shopping center. It is located along York Road, with easy access to Interstate 83. The retail center was developed by Greenberg Gibbons Commercial and is anchored by the first Wegmans Grocery chain in the state. Other tenants include Chipotle, GameStop, Chico’s, California Pizza Kitchen, Caribou Coffee, and M&T Bank.
Bethesda-based Walker & Dunlop was founded in 1937. Through its subsidiary Walker & Dunlop, LLC, it is one of the leading commercial real estate finance companies in the United States, with a primary focus on multifamily lending.