Cole Grabs 1.2 MSF Industrial Property in Maryland
- Jan 07, 2014
Cole Real Estate Investments has acquired 4000 Principio Parkway, a 1.2 million-square-foot warehouse in North East, Md., from Weeks Robinson for a reported approximate $74 million.
The state-of-the-art, Class A industrial facility is leased entirely to Restoration Hardware. Cushman & Wakefield of Maryland, Inc. arranged the sale on behalf of the seller.
“We saw a red hot industrial market in the I-95 North corridor,” Brian Kruger, director with Cushman & Wakefield’s capital markets team, told Commercial Property Executive. “The appeal was that the property is a Class A core industrial asset fully leased to Restoration Hardware.”
Located in one of the most attractive industrial markets in the United States, Weeks Robinson purchased the existing 600,000-square-foot distribution center in August 2011 and doubled the building’s size in 2012. The property features a 32-foot clear height, 234 dock positions, ample car parking, and 294 trailer storage positions.
Currently, the entire 1.2-million-square-foot space serves as a mission critical facility to Restoration Hardware, and is its largest distribution center in the world. The property is located in proximity to the Port of Baltimore with access to the entire eastern seaboard and near Interstate 95.
“The acquisition of 4000 Principio Parkway fits Cole’s strategy of acquiring mission critical, net-leased office and industrial assets,” a Cole spokesperson told CPE. “The scheduled rent growth, long-term lease, mission-critical facility and quality location along I-95 made 4000 Principio Parkway an ideal acquisition opportunity for Cole.”
According to the spokesperson, Cole has no plans for changes at the property; the tenant also plans to continue its operations at the property.
Cushman & Wakefield’s capital markets team of Kruger, Cristopher Abramson, Nicholas Signor and Jonathon Chalkley coordinated the disposition of the property on behalf of the Weeks Robinson.