JLL Arranges Sale of Baltimore Warehouse
- Mar 01, 2021
The O’Donnell Group has sold a 313,000-square-foot industrial facility in Halethorpe, Md., to Aminim Group. CommercialEdge data shows the asset last traded at the beginning of 2018 for $13 million.
Managing Director Jay Wellschlager, Senior Managing Director Bruce Strasburg, Director Craig Childs and Analyst Elizabeth Runge from JLL represented the seller in the transaction, while Senior Director Paul Spellman secured acquisition financing for the new owner. Managing Director Dave Dannenfelser and Vice President Tyler Boykin from the brokerage team previously worked with the seller when it purchased the asset to fully leased the warehouse within a 12-month span.
Located at 2209 Sulphur Spring Road within an Enterprise Zone at the northern end of the Baltimore-Washington Corridor, the building is less than 3 miles from the intersection of interstates 95 and 695, while downtown Boston is less than 7 miles northeast. Occupying 17.3 acres, the asset features heavy power, 35 loading docks and the potential for 56 trailer drops.
The tenant roster includes Liberty Tire Recycling and Indusco Wire Rope and Fittings. Originally completed in 1960, the building underwent capital improvements totaling some $6.5 million since 2013, which included a new roof, T5 and LED lighting, dock seals and two new bridges, as well as additional loading positions, asphalt and storefronts.
While most other asset types faced severe challenges since the onset of the pandemic, investors’ confidence in the industrial sector remained strong. According to CommercialEdge data, even though transaction volumes in 2020 fell to roughly $29 billion, or three-quarters of the previous years, the industry performed better than expected in a year of severe uncertainty.