HARMANS, MD-A recent trade in the Baltimore area illustrates the ongoing strength of the local industrial market. 7549 Harmans Rd., a 40,000 square-foot industrial facility, was purchased by American Realty Capital from Washington, DC-based Stephen A. Goldberg Co. for $12.6 million.

“This is American Realty’s second purchase in this market, and is part of a growing number of institutional investors targeting these assets,” CB Richard Ellis’ Jonathan Beard tells GlobeSt.com. Beard, along with colleague Bo Cashman, represented the seller in the transaction.

In some respects, however, this transaction is not the best to serve as poster child for the Baltimore industrial market. It is a unique asset, fully-leased to Verizon, and the accompanying land is important to the building use, Beard says. “Verizon has been using it as a dispatch center for its fleet, including its FIOS maintenance trucks, so there are a lot of trucks parked here,” he says. “The package is more than just the 40,000-square foot facility.” The facility also offers car parking for employees along with the mix of covered and field parking for its fleet of vehicles. Verizon has operated out of this location since 1991 and recently inked a long-term lease extension. 

Still, though, Beard says it is without doubt that industrial assets well located within the Baltimore Washington Corridor are proving attractive to investors.  “The deal is indicative that the market is health and that there is a significant amount of well capitalized buyers searching for stabilized industrial real estate in the BWI corridor.”