Industrial Leases Pick Up in Baltimore
- Oct 02, 2012
As we’ve previously reported, the Baltimore Metro Area industrial market is seeing a lot of activity lately. With the overall vacancy decreasing, some companies are buying and selling industrial assets while others are seeking to lease space at lower costs before the recovery pushes rents higher.
Transwestern announced on September 26 that, with a final 12,554-square-foot industrial lease, it has brought to full occupancy the 121,528-square-foot industrial warehouse building at 8730 Greenwood Place in Savage, MD. The deal was between Alpha International, Inc. and Atapco Properties, Inc., the owner of the property. Transwestern’s Brian Siegel represented the tenant while the team of Brian Watts, Tom Gentner and Mark Glagola, also of Transwestern, represented Atapco Properties.
8730 Greenwood Place is located on 6.7 acres. Transwestern negociated a 51,180-square-foot lease to E&G Classics, Inc., in August 2011. It was followed by a 25,576-square-foot lease in March, to Gramaco Granite and Marble, LLC. Transwestern has leased 75 percent of the building over the last 12 months.
Another deal went down in Glen Burnie. Mohawk industries has signed a five-year lease renewal for 82,901 square feet at 1910 Park 100 Drive. The building is located in the Park 100 Industrial Park. It comprises 187,200 square feet and still has 104,000 square feet available for lease. CBRE’s Toby Mink and William Pellington represented Mohawk while the building’s owner, Invesco, was represented by Merrill Turnbull and Paul Danko of the Lincoln Property Company.
Chesapeake Compost Works Benefit, LLC has also leased 54,000 square feet at 4501 Curtis Avenue in Baltimore. Toby Mink of BTR Curtis, LLC, represented the landlord while Chesapeake Compost Works was represented by Steven L. Cornblatt, principal at Trout Daniel.
The property is now home to a green industrial recycling facility that converts organic waste materials into compost, the largest of its kind in Maryland. Operations started on October 1. Chesapeake Compost Works plans to hire 10 new employees during the next year.
Charts courtesy of CBRE.