Exeter Takes 612,000SF Baltimore Industrial
- Jul 11, 2008
Baltimore Land Holdings has sold an industrial distribution facility outside of Baltimore. The 612,900-square-foot property is located in Jessup, Md., along the Baltimore-Washington corridor.CB Richard Ellis Inc. acted as executive leasing agent on the property, which sold for $40 million. The buyer of the building is Exeter Property Group, a real estate prove equity firm based in Pennsylvania. Exeter will use the property to attract clients with needs for 40,000 to 400,000 square foot areas. The property is located at 7605 Dorsey Run Road, a road which is currently being improved and extended and is conveniently located proximal to major roads in the area such as I-95 and Routes 32, 100, and 175. The building was completed in 2006, and is currently 30 percent leased, with Iron Mountain occupying 178,000 square feet. Scott Dougherty, Mid-Atlantic Region investment officer at Exeter Property Group noted in the release that, “This area has solid demand drivers that include strong population and income growth, increasing Federal procurement spending, and BRAC-related jobs.” The property adds to Exeter’s portfolio on Dorsey Run Road. Dougherty also cited that achieving critical mass on the developing road was a factor in the firm’s decision to purchase the property. The company now has approximately 2 million square feet of space in Maryland since commencing operations there in May 2007.