FRP Development Closes $8M Deal in Baltimore County
- Aug 31, 2016
Baltimore—FRP Development Corp. has recently acquired 10820 Gilroy Road, an 115,000-square-foot industrial building located in the Hunt Valley region of Baltimore County. NAI KLNB represented both the seller, Webb Manson Commercial LLC, and the buyer in the $8.3 million transaction.
The 50-year-old, one-story building is located at the intersection of Beaver Dan Road and Gilroy Road, in close vicinity to Interstate 83 and McCormick Road. It is currently 100 percent leased to Webb Mason and McCormick & Co. and it features 24-foot ceiling heights, 17 loading docks and 1 drive-in loading dock.
According to JLL’s latest industrial report, warehouse and distribution leasing activity in Baltimore has improved by 43.8 percent compared to the first quarter of 2016. Overall vacancy in the area is at 8.7 percent, placing 10820 Gilroy Road well above the general market trend.
Photo courtesy of NAI KLNB