Terreno Realty Corporation Buys Annapolis Junction Industrial Property for $13.8M
- Nov 21, 2014
Terreno Realty Corporation is expanding its Mid-Atlantic portfolio. On Monday, November 17, the San Francisco-based company purchased an industrial property located in Annapolis Junction. The price of the transaction was approximately $13.8 million.
The property is located on 6.3 acres of land, at 9020 Junction Drive, right in the center of the Baltimore/Washington corridor. It consists of one rear-load R&D building, with about 97,000 square feet of space. The property provides six dock-high and two grade-level loading positions, as well as parking for 296 cars.
According to Terreno, it was fully leased at the time of the sale. Defense contractor Northrop Grumman Corp. occupies the building. PropertyShark, the real estate website, reports that the property was previously owned by the Chippewa Limited Partnership. Its current market value is set at $7.36 million.
Terreno owns and operates industrial real estate in six major coastal U.S. markets, including Washington, D.C./Baltimore. The company has been very active in the area in the last two years. In May, it paid almost $18.1 million to buy a 139,000-square-foot industrial distribution building in Capitol Heights. And last December, it purchased two industrial properties in Landover and Lanham, for $7 million and $5.6 million. In June 2013, Terreno also acquired two multi-tenant industrial distribution buildings in Elkridge, for almost $16.7 million.
According to Cassidy Turley’s latest report, the 163.7-million-square-foot Baltimore industrial market experienced 1.6 million square feet of net positive absorption in the third quarter of 2014, with vacancies decreasing to 9.58 percent. Much of this activity was focused in the West and Corridor submarkets. Meanwhile, rents are on the rise and have reached $5.54 per square foot in Q3.
Charts courtesy of Cassidy Turley.