More Industrial Properties Change Hands in the Greater Baltimore Area
- Aug 10, 2014
The hot Baltimore industrial market continues to attract more and more investors and it seems that hardly a week can go by without at least one important transaction in the metro area.
Cabot Properties, a private equity real estate investment firm based in Boston, has recently acquired the Beltway West Industrial Portfolio for an undisclosed price. First Industrial Realty Trust, Inc. was the seller. It was represented in the transaction by CBRE Senior Vice Presidents Bo Cashman and Jonathan Beard.
The Beltway West Industrial Portfolio totals 369,979 square feet of space. It consists of six industrial/flex properties, located on the west side of Baltimore. The properties are 2700 Lord Baltimore Drive, 7120-7132 Ambassador Road, 7142 Ambassador Road, 7144-7162 Ambassador Road, 7223-7249 Ambassador Road, and 7200 Rutherford Road in Woodlawn, Maryland.
“The opportunity to acquire 370,000 square feet of multi-tenant industrial product in one transaction is rare in the mid-Atlantic,” Jonathan Beard said in a press statement. “We expect Cabot Properties to continue to expand its portfolio in the market and use Beltway West as a cornerstone for growth.”
In another transaction, Shoregate Partners purchased an industrial/flex building in Annapolis, for $4.3 million. Colliers International represented the private seller in the transaction.
The one-story industrial/flex building is located at 1805 Margaret Avenue. It was constructed in 1983 and offers 42,214 square feet of space. According to Colliers International, the property was 88.2 percent leased at the time of the sale, to multiple tenants.
Colliers Vice President Colin Penoyar brokered the transaction. “We’ve worked in this market for many years,” he said in a statement. “As a result, we’ve had tremendous success identifying opportunities for sale as well as matching them up through our longstanding relationships with buyers. This is not the first time in the last few months that Colliers has identified a sale opportunity as well as brought the buyer.”
Several other Greater Baltimore area industrial properties also changed hands in the last month. Hartz Mountain Industries, Inc., one of the largest private real estate owners and developers in the U.S., has purchased a warehouse in Hanover for $18.71 million, while FRP Development Corp. and One Liberty Properties, Inc. have expaneded their portfolios with acquisitions in the hot submarkets located to the north of I-95.
Photo credits: CBRE