Hartz Mountain Industries Buys Prime Baltimore-Washington Corridor Industrial Asset for $18.7M
- Jul 14, 2014
Another industrial property has recently changed hands in the Greater Baltimore area. Last week we reported about several acquisitions in the submarkets located to the north of I-95 where the industrial market is performing very well. Now, it’s the Baltimore-Washington Corridor’s turn to make the headlines.
Hartz Mountain Industries, Inc., one of the largest private real estate owners and developers in the U.S., has expanded its portfolio of industrial assets with the acquisition of a warehouse in Hanover. CBRE Global Investors, LLC sold the property for $18.71 million. CBRE Senior Vice Presidents Jonathan Beard, Bo Cashman and Ed Harris worked together to represent the owners in the transaction.
The Class A industrial property is located on 20 acres of land, at 7448 Candlewood Road. It offers 278,586 square feet of space, 28-foot clear heights, loading on three sides, parking for about 330 cars, and ample truck courts. The warehouse is currently occupied by Coca-Cola Refreshments USA Inc., but the beverage company plans to vacate by fall.
“Industrial investors are now focused on finding value-add opportunities in core markets, and the Baltimore-Washington Corridor is no exception. Pricing for the market’s stabilized industrial assets exceed 2007 levels, and opportunities such as 7448 Candlewood, where a re-tenanting initiative is needed, are highly desired,” CBRE Senior Vice President Jonathan Beard said in a press statement.
CBRE reports that demand for industrial space in the Baltimore area has remained flat in Q2 2014, although the overall vacancy rate decreased 0.3% since Q1, to 8.9%. Compared to the previous quarter, the Baltimore-Washington Corridor saw an increase in renewals. The overall vacancy for warehouse properties in the submarket was 11.8% at the end of Q2. For flex properties it was 8.3%.
Photo credits: CBRE