Lee & Associates to Market 1 MSF Maryland Distribution Facility
- Nov 06, 2019
STAG Industrial has tapped Lee & Associates Maryland as exclusive leasing and sales broker for 630 Hanover Pike, a Class A distribution warehouse in Hampstead, Md., offering more than 1 million square feet of space. President & Principal Allan Riorda, Senior Vice President Ned Brady and Research Analyst Alexandra Shearer will handle the assignment, with the assistance of Principal John Van Buskirk. According to Carroll County records, STAG purchased the asset in 2013 for $44 million.
Originally constructed in 2000 as a distribution warehouse for Sweetheart Cup, which later became Solo Cup, the building features 32-foot clear height, 85 dock doors and two ramped drive-in doors. The structure also includes 10,000 square feet of office space. The current tenant, Dart Container Corp., will vacate the facility in July 2020.
The 51-acre property is roughly 12 miles west of Interstate 83, close to the Hampstead Bypass, 36 miles north of the Baltimore-Washington International Airport and 30 miles north of the Port of Baltimore.
According to Lee & Associates, central Maryland is one of the country’s most wanted locations for warehouse and industrial users, with vacancy rates averaging 7 percent. The constant demand prompted Trammell Crow Co. and development partner Diamond Realty Investments to start construction on a 716,490-square-foot distribution center in North East, Md., with $26 million in financing from BMO Harris Bank.