GLEN BURNIE, MD-Pacific Trade International, an importer based in Rockville, MD, has taken 117,200 square feet in an industrial facility located at 6720 Baymeadow Dr. here. Situated within the Baymeadow Industrial Park, on seven acres, the building also includes 11,500 square feet of mezzanine office, eight loading docks and one drive-in bay. The owner recently installed two additional bay doors to attract a new tenant to replace the one that is leaving.

Jim Caronna and John Boote of NAI KLNB represented the building owner, Stats LLC. Scott Skogmo of Sperry Van Ness/Skogmo Commercial Real Estate LLC represented the tenant.

Spokespeople for Pacific Trade explain that the firm intends to establish a new warehouse, manufacturing and distribution center for its line of Chesapeake Bay Candle products later this year, using the facility as a base. One reason the tenant liked the building, which is an older, single-tenant asset, was the low asking rate, Skogmo tells GlobeSt.com. "The asking rate was $3.50 per square foot, triple net. That is low; most buildings in this submarket are at $4 to $5.50 per square foot."

In general, activity is picking up for industrial products in the Baltimore-Washington Corridor, but the vacancy rate is still quite high at 13% to 15%, he says.

 

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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.