NorthBridge Partners Enters DC With Industrial Buy
- Mar 06, 2020
NorthBridge Partners has acquired the James A. Cassidy Building, a 123,000-square-foot warehouse facility in Beltsville, Md., for $15.5 million. This represents the buyer’s first purchase in the Baltimore-Washington D.C. industrial market. Lee & Associates negotiated the deal on behalf of the seller, K.C. Real Estate Holdings.
Built in 1983, the property is located on 7 acres at 12100 Baltimore Ave. The warehouse features 24-foot ceiling heights and dock and grade-level doors. At the time of sale, the building was fully occupied by tenants such as Ambius, Cheney Flashings and Pella Mid-Atlantic.
Situated just off U.S. Route 1, the property is roughly 2.5 miles from the intersection of MD Route 200 and Interstate 95. Baltimore-Washington International Airport is 20 miles away, while the Port of Baltimore is roughly 25 miles from the facility.
The Lee & Associates team that closed the deal included Senior Vice President Steve Weiss and Principal Tom Whelan. Weiss said in a press statement that NorthBridge acquired the asset below replacement cost. He added that the local industrial scene continues to grow due to strong demand from logistics and local companies.