BALTIMORE, MD-A newly constructed and fully-occupied class A bulk warehouse has traded in the Perryman submarket for $43.15 million. Chambers Street Properties acquired it from a joint venture of Ryan Commercial, Emory Properties and Northwestern Mutual. CBRE’s Bo Cashman and Jonathan Beard represented the sellers in the deal.
The transaction illustrates the strong demand for warehouse properties in this market, Cashman tells GlobeSt.com. “Industrial investment sales are up year-over-year by 70%, which is a staggering increase, and by normalized volume, sales are up 40%.”
The property, located at 511 Chelsea, attracted a lot of interest from multiple core investors trying to break into the Mid-Atlantic industrial market, Cashman also says. “A coveted state-of-the-art facility in the crowded I-95 corridor, this opportunity offered investors the perfect combination of exceptional location, long-term cash flow, exit liquidity, and quality,” he says in a prepared statement.
511 Chelsea is one of three tilt-up concrete and steel buildings within the Harford County’s Mid-Atlantic Distribution Center. It is 672,000 square foot and located within minutes from I-95 and US Route 40.