CB Richard Ellis' Bruce Strasburg and Benjamin Meiselsrepresented the seller. CBRE was also given the mandate of leasingthe property--John Wilhide, Benjamin Meisels, Ed Harris and MikeRoden at the firm will handle that task. Delivered in 2006 througha JV partially owned by Trammell Crow Co., the tilt up, 32' clearcross-docked industrial distribution facility today is about 30%occupied by Iron Mountain. Wilhide tells GlobeSt.com that heanticipates the property will be fully occupied, or close to it, bythe end of the year. The new owner, "views this acquisition as along term hold so it is more flexible about breaking up thebuilding for leasing," he says. Also, recent road improvementsenhance the property's access.

Exeter owns other properties in the submarket and this additiongives it a solid footprint on Dorsey Run Rd., Scott Dougherty,Mid-Atlantic Region Investment Officer at Exeter Property Group,says in a prepared statement. Dougherty did not return a call intime for deadline. "With this acquisition, Exeter is able to servecustomers with needs from 40,000 to 400,000 sf in theBaltimore-Washington corridor," Dougherty says. The company enteredthe Maryland market in May 2007; Exeter has since grown itsportfolio to two million sf.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.