Odenton Industrial Building Sells for $11.3M
- Apr 23, 2015
Agellan Commercial Real Estate Investment Trust is selling one of its properties in Greater Baltimore. The REIT said earlier this month that a third-party purchased has agreed to buy its single-tenant industrial building at 8271 Anderson Court in Odenton. The sale price is approximately $11.3 million.
The Odenton industrial building offers 70,000 square feet of space. It was constructed in 2001, on an 11.6-acre site. According to PropertyShark, Agellan purchased the property at the start of 2013, from Aptus Maryland LLC, for a little over $10.2 million.
The transaction is scheduled to close on April 20. Frank Camenzuli, the REIT’s CEO, said in a news release that Agellan intends to use the money from the disposition to fund new investment opportunities.
CBRE reports that industrial investment sales activity in the Baltimore area continued to stay very healthy during the first quarter of 2015. Although transaction volume decreased over the previous quarter, due to an imbalance of supply and demand, the Los Angeles-based commercial real estate company expects it to improve later this year, with prices exceeding pre-recession levels.
According to CBRE, the region’s overall vacancy rate increased by 0.5 percent in Q1, as a result of two warehouse buildings coming online during the period, and currently sits at 9.5 percent. The overall rent also increased during the quarter, to $5.69 triple net per square foot per year. Due to the low vacancy rates, rents are expected to continue to grow in many Baltimore submarkets in 2015.
Photo credit: CBRE