Aaron’s, Inc. Renews Lease for 100,000Sq.Ft. in Belcamp
- Feb 05, 2015
Aaron’s, Inc. is staying in Belcamp. The Atlanta-based retailer recently renewed its lease for 100,000 square feet of space at the Riverside Distribution Center.
Exeter Property Group owns the Riverside Distribution Center. The Class A warehouse facility is located at 151 Bata Boulevard. It offers 599,000 square feet of space.
In a news release, Aaron’s said it chose to stay at the Belcamp facility because of its location and ease of access to Interstate 95. The company will use the warehouse for distribution and fulfillment throughout the Mid-Atlantic. DTZ’s Michael Walsh, Kirk Diamond and Erin Smith represented Aaron’s, Inc. in their renewal.
CBRE reports that the Baltimore industrial market has experienced a consistent decrease in vacancy due to activity in the warehouse sector. In the fourth quarter of 2014, the overall vacancy rate decreased to 9 percent. Renewal activity was also high in Q4, representing 60 percent of all transactions.
Although the area’s vacancy rate continues to stay below 10 percent, the overall industrial asking rent, for both warehouse and flex products, decreased over the quarter. It reached $5.66 triple net per square foot per annum in Q4 2014.
Photo credit: Exeter Property Group