Hillwood, Brookfield JV Acquire Two 2 MSF Industrial Facilities Near Baltimore
- Nov 09, 2012
Hillwood Investment Properties, in a joint venture with Brookfield Asset Management, acquired two Class A industrial facilities in the Baltimore, Md., market, totaling 1.8 million square feet.
“We purchased these facilities because they are high-quality, Class A bulk industrial properties and the location is ideal,” Tom Fishman, Hillwood’s executive vice president of acquisitions, told Commercial Property Executive. “Our strategy is to acquire high-quality, functional industrial real estate in major U.S. markets, and both of these facilities fit in perfectly in our portfolio.”
One facility sits on 71 acres in Broadlands Business Park, located at 451 Fletchwood Road in Elkton. The 756,690-square-foot facility was built in 2005.
“The Broadlands Business Park facility has been well maintained and sits on additional land that can easily be converted into a cross-dock facility,” Fishman said. “We were drawn both to the current use of the facility, as well as its potential.”
The second facility also sits on 71 acres and is located at 238 Belvidere Road in Perryville. The 1,004,000-square-foot facility was developed in 2003.
“The Perryville facility is a phenomenal Class A building, houses a high-quality, long- term tenant, and provides three rail spurs and extra trailer parking,” Fishman said. “Given the Class A nature of the buildings and high credit quality of the tenants, these properties are a great addition to the Hillwood-Brookfield portfolio.”
The company doesn’t plan on any immediate changes to either facility as both have been built, managed and maintained to meet the highest institutional standards. Each concrete tilt-up building features 28’ to 30’ clear heights, ample dock high loading doors, large truck courts with abundant trailer storage and future cross dock functionality.
The properties are strategically located within Baltimore’s I-95 North corridor industrial submarket, which consists of Hartford and Cecil counties, offering convenient access to I-95. The area benefits from a deep-labor pool, growing population and desirable quality of life of the Baltimore/Washington metro area.
Hillwood, a Perot company based in Dallas, Texas, were pleased to add these state-of-the-art properties to its expanding presence in the U.S. Northeast industrial sector.
Per company policy, the price of the deal was not revealed.