Rare MD Industrial Asset Up for Sale
- Aug 29, 2017
Transwestern has been retained by an undisclosed seller to market Parkway Industrial, a 499,639-square-foot portfolio of flex/industrial space in Hanover, Md.
“Parkway Industrial offers investors a rare opportunity to buy a high-quality industrial portfolio in a gateway market that’s heavily supply constrained,” Mark Glagola, Transwestern’s senior managing director of its Mid-Atlantic capital markets group told, Commercial Property Executive. “There are very few development opportunities in this area because of lack of available land.”
The seven-building portfolio, which includes 7222 Parkway Drive; 7100, 7115, 7121 and 7150 Standard Drive; 7267 and 7270 Park Circle Drive, is situated seven miles from the Baltimore-Washington International Airport. It’s also in close proximity to Fort Meade, the headquarters of the National Security Agency (NSA), the U.S. Cyber Command and the Defense Information Systems Agency (DISA).
Highly specialized features
“This portfolio is 95.5 percent leased, primarily because of its strategic access to NSA, BWI Airport and major roadways,” Glagola said. “Additionally, many of the tenants have highly specialized build-outs and infrastructure in place that’s very difficult to relocate, such as dark fiber cabling that offers direct, secure communication with the NSA, and telecom switch gears —making long-term tenancy likely.”
The portfolio currently has a tenant roster that includes anchor tenants Lockheed Martin, AT&T and Sprint.
Parkway Industrial includes access to “dark fiber” cabling that provides a secure, direct communication line to the NSA, and Transwestern believes its exceptional infrastructure and location make it perfectly suited for defense and cybersecurity companies.
Favorable market conditions
According to Glagola any new owner will be in a strong position to benefit from the recent economic recovery seen in small and medium-sized businesses in the area. In fact, Transwestern research revealed that the Baltimore-Washington Corridor and the portfolio have experienced strong rent growth and positive absorption in the past 18 months, with the current overall market vacancy rate at 9.4 percent.
Joining Glagola in representing the seller is Gerry Trainor of Transwestern’s Mid-Atlantic capital markets group.
Image courtesy of Transwestern