Dallas Investor Takes Three in Hanover
- Jun 26, 2015
By Adrian Maties, Associate Editor
Westmount Realty Capital has entered the Baltimore-Washington Corridor industrial market. The Dallas-based commercial real estate investment, development and management company purchased a three-building industrial portfolio in Hanover.
Westmount is now the owner of the industrial buildings at 7462, 7466 and 7468 Candlewood Road. Together, the properties form the Candlewood Commerce Center, which the Dallas-based company purchased from TIAA-CREF for $26 million. Jonathan Carpenter, Nicole Keelty and Graham Savage, all of DTZ’s Baltimore Capital Markets team, represented the seller in the transaction.
The Candlewood Commerce Center offers a total of 357,701 square feet of flex, R&D and warehouse space. According to DTZ, it was 40 percent leased at the time of the sale. “Candlewood Commerce Center grants Westmount economies of scale in the region and will allow them to add value and grow their portfolio over time,” Jonathan Carpenter said in a statement for the press.
The deal represents just another example of the strength of the Baltimore-Washington Corridor industrial market. The region has already seen many transactions this year. Some of them include DCT Industrial Trust’s $12.5 million purchase of an Elkridge warehouse, Terreno’s $10.4 million acquisition of a distribution center in Annapolis Junction and Agellan Commercial Real Estate Investment Trust’s $11.3 million sale of the industrial building at 8271 Anderson Court in Odenton.