German Investor Buys Baltimore Industrial Asset for $90M
- Apr 09, 2020
GLL Real Estate Partners has purchased a major Baltimore industrial property with the development potential to reach a total of 1.1 million square feet. In a $90 million deal, the Munich-based company has acquired the 259-acre Brandon Woods III in Anne Arundel County, from a joint venture of Chesapeake Real Estate Group and EverWest Real Estate Investors.
Chesapeake constructed Brandon Woods III, which currently totals 840,000 square feet of industrial and warehouse space across two buildings. The facilities are located at 7550 Perryman Court and 7659 Solley Road in Curtis Bay, within 2 miles of Interstate 695. The property is also 8 miles from Interstates 95 and 895, 9 miles from the Port of Baltimore and 11 miles from the Baltimore-Washington International Airport.
The 500,000-square-foot 7550 Perryman Court is considered the largest industrial speculative building ever constructed in Anne Arundel County, according to Chesapeake. Best Buy signed a long-term lease for the entire building in the summer of 2018 and is using it as a warehouse and distribution center that serves its Mid-Atlantic market. Best Buy has 300 workers at 7550 Perryman, which is also used as a repair site for major appliances, televisions and home theatre products.
The smaller 7659 Solley Road was recently constructed and offers 340,000 square feet of speculative industrial and warehouse space. The building was constructed with 36-foot ceiling heights, 87 dock doors, four drive-in doors, a 130-foot truck court and parking for 257 cars and 61 trailers.
Potential for 1 million square feet
Brandon Woods III also includes two land parcels that total 51 acres and can accommodate another 250,000 square feet of development, bringing the facilities to a combined 1.1 million square feet.
GLL, a subsidiary of Macquarie Infrastructure and Real Assets, retained Chesapeake for the construction, leasing and management of Brandon Woods III. Christian Goebel, GLL’s executive vice president, said in prepared remarks that the company will work with Chesapeake to lease up 7659 Solley, while also exploring the development options for the remaining two land parcels.
Goebel also said in his prepared statement that Brandon Woods III adds to GLL’s 2.4 million-square-foot portfolio of Class A industrial space in the U.S. GLL’s Maryland purchase represents its third industrial acquisition in the U.S. In June 2018, the company also purchased a 226,392-square-foot industrial property in Weston, Fla., for 30.4 million. GLL, which also invests in U.S. retail spaces, has recently sold its 269,000-square-foot retail center in Atlanta for $75.4 million.