FRP Acquires Baltimore-Area Industrial Park
- Mar 01, 2019
FRP Development Corp. has purchased the 270,000- square-foot Cranberry Run Business Park, in Aberdeen, Md., from an entity connected to Kinsley Properties for $6.3 million. The acquisition marks the first local purchase since FRP announced its development strategy last year, following the sale of 40 warehouses and three land parcels totaling roughly $350 million.
Located at 1003-1015 Old Philadelphia Road, the five-building property is adjacent to Perryman industrial area, less than 8 miles of Interstate 95, roughly 25 miles of Baltimore and 70 miles of Philadelphia. The industrial park’s Mid-Atlantic location provides access to 40 percent of the U.S. population in a one-day truck drive. The Baltimore-Washington, D.C., region ranks as the fourth largest metropolitan region in the country, with more than 10 million consumers in the combined statistical area.
The property includes a freestanding 9,000-square-foot building, two buildings consisting of almost 40,000 square feet each, while the largest building features 130,000 square feet. The assets’ structures contain 18- to 22-foot ceiling heights, dock and drive-in doors, large truck courts and parking in adjacent lots. At the time of the sale, the 1980s-built property was 15 percent leased.
FRP intends to renovate the interior and exterior of the buildings in order to re-tenant the industrial park. Upgrades are set to include structural improvements to the overall building envelope and roof, modernizing electrical systems, loading docks and associated equipment as well as concrete dolly pads and exterior paving. Certain portions of the interior will be demolished, while landscaping will be replaced and reconfigured in order to increase flexibility.
“Activity among warehouse and industrial users in the Mid-Atlantic region remains white hot and we do not expect to see this subside. In the near future, we will elevate Cranberry Run Business Park to a business community offering nearly 230,000 square feet of warehouse and flex space,” said Todd Evans, acquisition & portfolio manager for FRP, in prepared remarks. “Based on our market research, the typical Cranberry Run Business Park tenant will range between 10,000 and 40,000 square feet of space, with the majority of interest emanating from the immediate area.”
KLNB Vice President Christopher Wright and Principal Peter Dudley worked on behalf of the seller and procured the buyer. FRP selected Wright and Dudley as brokers of record for the property.
Image courtesy of FRP Development Corp.