Manekin, AEW Capital Management Buy Large Distribution Center in Jessup
- Jun 07, 2015
Industrial investment sales activity remains very healthy in Greater Baltimore. The latest property to change hands is a large distribution center located at 7600 Assateague Drive, in Jessup.
The property, also known as the Baltimore Washington Logistics Center, was acquired by Manekin and AEW Capital Management. Cushman & Wakefield announced the sale and represented the sellers, New York Life Real Estate Investors and Mosaic Realty Partners, in the transaction. The sale price was not disclosed. However, PropertyShark reports that the distribution center’s current market value is about $32.8 million. The real estate website also says that the former owners purchased the building in 2013, for a little over $33 million.
The Baltimore Washington Logistics Center was constructed in 1973 on an almost 60-acre site, at the intersection of I-95 and Maryland Route 175, in the heart of the Baltimore-Washington Corridor. The distribution center offers 792,678 square feet of space, trailer storage, 30’ clear height, and an ESFR sprinkler system.
According to Cushman & Wakefield, the new owners have big plans for the property. Manekin and AEW Capital Management intend to expand the main existing warehouse by approximately 127,000 square feet. And they will also construct a speculative 160,000 –square-foot Class A warehouse on the site.