Rialto Acquires MD Industrial Portfolio
- Oct 03, 2018
Rialto Capital Management has acquired Parkway Industrial, a nine-building industrial portfolio in Hanover, Md. Senior Managing Director Mark Glagola and Executive Vice President Gerry Trainor of Transwestern’s Mid-Atlantic Capital Markets Group, represented the seller, a global investment manager, in the transaction.
Totaling 711,220 square feet, the portfolio includes properties located at 7222 Parkway Drive; 7100, 7115, 7121, 7150, 7170 and 7200 Standard Drive; and 7267 and 7270 Park Circle Drive. The buildings are within close proximity to interstates 95 and 97, as well as the Baltimore Washington Parkway.
“The Baltimore-Washington Corridor is severely supply-constrained for infill industrial product, with well-located, older product being redeveloped for other uses as the economy continues to recover,” said Glagola, in a prepared statement. “Parkway Industrial offered a rare opportunity to acquire a well-located, institutional-quality portfolio. The park is 95 percent occupied by a strong mix of tenants, including Lockheed Martin, AT&T and Sprint, that benefit from the park’s proximity to Fort Meade and an embedded telecom operations infrastructure that is very difficult to relocate.”
In September, Transwestern represented LNR Partners in the $14.7 million disposition of a two-building, 134,000-square-foot flex/office portfolio near Tampa, Fla., to a private investor. The buyer landed a 10-year, $10.3 million loan from Starwood Mortgage Capital to finance the acquisition.
Image courtesy of Transwestern