Goldstar Group Acquires Baltimore Industrial Facility
- Jul 06, 2018
The Goldstar Group has acquired an industrial warehouse property in Baltimore for $7.6 million.
Located at 1821 Portal St., the 86,234-square-foot asset is 100 percent leased to two tenants—Johns Hopkins Bayview Medical Center, which serves as a medical health treatment center for adults, and Bacchus Imports, a company that imports fine wines and spirits that are distributed throughout Maryland, Delaware and Washington, D.C.
“This building is 100 percent leased to high-credit and well-known organizations that have expressed extended leasing commitments. Our investor group will realize cash yields from day one of ownership and only minor capital improvements and upgrades are needed at this time,” Michael Brodsky, CEO of The Goldstar Group, told Commercial Property Executive.
The building is located adjacent to the Dundalk and SeaGirt Marine Terminals, and the Intermodal Container Transfer Facility at the Port of Baltimore, all within 2 miles of the Broening Highway interchange off Interstate 95 and Holabird Avenue interchange off interstate 895.
“1821 Portal Street is an investment-grade asset that represents the perfect complement to our portfolio of high-quality commercial office and warehouse/industrial buildings throughout the Greater Baltimore-Washington, D.C. metropolitan region,” added Brodsky. “We continue to target warehouse/industrial buildings because we believe in the long-term fundamentals of this specific product category, as supported by the continued demand by national retailers, as well as logistics and transportation companies.”
CBRE’s Senior Vice President Jonathan Beard and First Vice President Justin Mohler represented the seller in the transaction.
Image courtesy of The Goldstar Group