Westmount Sells Baltimore-Area Industrial Park
- Feb 04, 2019
Westmount Realty Capital has sold Logistics Pointe BWI, a three-building industrial property in Hanover, Md. The seller had purchased the 357,701-square-foot light industrial and distribution facility in 2015 for $26.6 million, according to Anne Arundel county records.
Located at 7462 Candlewood Road, the asset is close to Baltimore-Washington International Airport and less than 3 miles from Interstate 95, offering easy access to Baltimore, Washington, D.C., and the entire Eastern seaboard. The tilt-up buildings feature rear-loading docks, 24-foot clear heights, 40- by 40-foot column spacing and large trucks and aprons.
The seller has invested in modifications, such as upgrading the sprinkler system to current ESFR specifications and building out speculative tenant improvements. To reposition the property after improvements were completed, Westmount rebranded the asset from Candlewood Commerce Center to Logistics Pointe BWI and highlighted the possibility of “plug-and-play” solutions for tenants with near-term occupancy requirements.
“With solid fundamentals in place, Baltimore is one of the strongest secondary markets in the country,” said Clifford Booth, president & CEO of Westmount, in prepared remarks. “Westmount is actively looking to acquire strategically located industrial properties in similar markets, with solid economic drivers, across the U.S.”
The deal comes a few months after Rialto Capital Management’s acquisition of Parkway Industrial, a nine-building industrial portfolio located less than 5 miles from Logistics Pointe BWI.
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