The 50-year lease involves redesigning existing operations atthe Dundalk facility, constructing a 50-foot berth, and buildingand operating a new warehouse/distribution center. McKenna Long& Aldridge LLP (MLA) partner Keith Mason, and StephenGoldsmith, former Indianapolis Mayor, and an independent consultantto the firm, served as strategic advisors to the transaction.
As part of the deal, Ports America is making a $100-millionpayment to the Maryland Transportation Authority for infrastructurework on roads, tunnels and bridges. The building is timed todeliver as the Panama Canal's infrastructure work to expand thesize of the ships it can accommodate is complete, in 2014. With thenew locks at the Panama Canal, East Coast ports are expected to bemore competitive in processing imports from Asia.
The Port of Baltimore has already provided a boost to localindustrial performance with the enhancements it made to itscommodity handling facilities.
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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.
