JLL Handles 1 MSF Maryland Redevelopment Listing
- Apr 25, 2017
JLL was named as the exclusive listing agent at 7600 Assateague Drive in Jessup, Md., a 60-acre, 1-million-square-foot Class A redevelopment project.
The property, previously known as the Baltimore-Washington Logistics Center, will be rebranded as the Mid-Atlantic Commerce Center (MACC) and is one of the largest warehouse/distribution assets in the region.
“Situated just one mile from Interstate 95, MACC is in the heart of the Baltimore-Washington corridor in the heart of the 4th largest CMSA in the U.S.,” Mark Levy, JLL’s managing director, Greater Baltimore market and Mid-Atlantic industrial and logistics group leader, said in a prepared release. “Beyond that, this redevelopment will afford prospective occupiers the opportunity to be in a highly infill state-of-the-art facility in one of the most constrained markets in the U.S. We are excited to position this asset amongst the multiple large users surveying the Eastern U.S. for major logistics hubs.”
MACC is owned by AEW Capital Management, on behalf of one of its institutional separate account clients, and the Manekin Corp. The property, which once served as a Giant warehouse, sold for approximately $45.3 million in 2015 when a joint venture between Mosaic Realty Partners and New York Life Real Estate Investors sold it to the current ownership group.
“JLL’s rich national reach and vast relationships were a huge driver in the decision-making process for us, and we are excited to partner with them on this important project,” Richard Alter, Manekin Corp.’s president & CEO, said.
The project was built in two phases from 1972 to 1974 and the new owners added 160,000 square feet since the acquisition.
The JLL team also consists of Dave Dannenfelser, Ben Meisels and Tyler Boykin.
Image courtesy of Mosaic Realty Partners