Transwestern senior vice presidents, Tom Gentner and Brian Watts, represented the facility's owner, Invesco Real Estate, in the transaction. Michael Roden of CB Richard Ellis represented Calico Industries, which supplies janitorial, safety, and food service products to the hospitality and industrial markets.
To be sure, the industrial submarkets here are experiencing problems, Gentner tells GlobeSt.com, pointing to a vacancy rate of 8.8%, with 11.8% for bulk warehouse and 5.8% for small bay. Last year those numbers were 6.8%, 8.9% and 4.6%, respectively. Last year there was 500,000 square feet of negative absorption, coupled with 200,000 square feet of new space delivered to the market.
Still, though, he says, the demand for the space in the area is healthy enough that deals are still getting gone. The Baltimore area, in particular, is faring relatively well--again, taking into account the stress on overall transactions. In its year-end analysis of industrial space in the Washington-Baltimore Corridor Delta Associates found that for the first time in many years Baltimore has outperformed Washington in net absorption.
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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.
