Bristol Capital Sells Maryland Facility
- Dec 29, 2020
Bristol Capital Corp. has sold a nearly fully occupied warehouse and office property in Beltsville, Md., for $15.7 million. The company sold 12200 Baltimore Ave. to a 1031 exchange investor represented by Mid-Pacific Advisors.
The 106,000-square-foot property offers both warehouse and office space and was built with 24 to 30 feet clear ceiling heights, dock loading and drive-in options, a parking lot that can accommodate 250 cars and 8 acres of land that can be used for excess parking or outdoor storage. The property was 97 percent occupied with three tenants at the time of the deal, the roster including Advanced Collision, Rolling Green Landscaping and cybersecurity training company Sans Institute.
Edge Capital Partners’ Joe Friedman, Kenneth Fellows and Rob Pugh represented the seller while also procuring the buyer.
The facility is roughly 30 minutes from both Washington, D.C., and Baltimore, right off Route 1 and close to Interstate 95 and Route 200. Friedman, who’s a partner with Edge, said in prepared remarks that the property has high roadside visibility.
Earlier this year, NorthBridge Partners acquired a nearby 123,000-square-foot warehouse for $15.5 million.
Former Ritz Camera headquarters
As for 12200 Baltimore Ave., the property was built as the corporate headquarters of Ritz Camera in 1984. The national photo retailer sold the property when it went bankrupt. A Bristol Capitol affiliate acquired 12200 Baltimore Ave. from principals of Ritz Camera in May 2013 for roughly $5 million. Bristol tapped Edge in 2016 to lease up the property.
Edge’s latest efforts led to the 37,000-square-foot lease with Advanced Collision, which was signed earlier this year. Friedman also said that the sale was a collaboration between Edge’s leasing team, who brought up the property’s occupancy, and the capital markets team.