Hillwood Investment Properties, a Perot company, has announced the purchase of two Class A industrial facilities in Baltimore. Hillwood made the acquisition in a joint venture with Brookfield Asset Management.
One of the properties is located at 451 Fletchwood Road, in Elkton, while the other is at 238 Belvidere Road in Perryville. Together the two properties total 1.8 million square feet. They have been built, managed and maintained to meet the highest institutional standards.
The properties are strategically located within Baltimore’s I-95 North corridor industrial submarket. The area consists of Harford and Cecil counties and benefits from a deep labor pool, growing population and the desirable quality of life of the Baltimore/Washington metro area. I-95, the primary highway serving the U.S. Northeast population center, is also easily accessible.
The Elkton facility was built in 2005, on 71 acres in the Broadlands Business Park. The facility in Perryville was also built on 71 acres, in 2003. It has 1,004,000 square feet of space. The buildings feature 28- to 30-ft. clear heights, ample dock high-loading doors, large truck courts with abundant trailer storage and future cross dock functionality. The facility in Perryville also includes active rail access that is served by CSX Railway.
Gary Frederick, Hillwood’s senior vice president and northeast market officer, said, “We are pleased to add these state-of-the-art properties to our expanding presence in the U.S. Northeast industrial sector.” Tom Fishman, Hillwood’s executive vice president of acquisitions, added that “Given the Class A nature of the buildings and high credit quality of the tenants, these properties are a great addition to the Hillwood-Brookfield portfolio.”
CBRE reports that the Baltimore area remains attractive for industrial users and investors due to its low unemployment, close proximity to Washington, D.C. and Philadelphia, and ease of access to the Port of Baltimore. As industrial leasing activity emproves, investors are looking to obtain assets. The overall vacancy rate in the Baltimore industrial market decreased slightly from 10.4% to 10.1%.
Charts courtesy of CBRE.