Baltimore-Area Industrial Asset Changes Hands
- May 17, 2017
Matan Cos. sold an 81,795-square-foot industrial building in Elkridge, Md. The property most recently served as the headquarters of Kane Co., a commercial moving company that filed for bankruptcy and vacated the building in 2016.
The asset last traded in 2004, the year of its construction, when Matan Cos. purchased it for roughly $6.7 million, Howard County records show. The property’s most recent assessment values the building and land at a little over $7.5 million.
Located at 6500 Kane Way, the property features a 62,115-square-foot warehouse and 19,680 square feet of office space. Situated less than 15 miles southwest of downtown Baltimore, the asset offers immediate access to both Interstate 95 and the city’s outer beltway. Additionally, Kane Co.’s former base is within a 15-minute drive of both the Baltimore/Washington International Airport and the Maryland Live! Casino.
“The Kane building was a unique asset with its highly desirable location and prime visibility along the I-95 corridor,” said Dan Milligan, finance manager for Matan Cos., in prepared remarks. “After owning the property for almost 15 years, the strong industrial market makes this the perfect time to sell.”
Image courtesy of Matan Cos.