BALTIMORE, MD-MRP Realty has created a new company called MRP Industrial. It will be led by former Panattoni Development Co. executives Dan Hudson and Reid Townsend and will have, as the name suggests, a focus on industrial properties in the Mid-Atlantic region.

"We have seen dramatic growth in terms of occupancy and value in the industrial asset class," Hudson tells GlobeSt.com. "There are many institutional capital sources seeking these assets right now. We see more opportunity in this area than other assets."

MRP Industrial is not a fund; rather it will act as a local operator seeking out investments in which it will invest its money and the money of its capital partners. "We are operators looking for opportunities," Hudson says. He says the company hopes to do between $50 million to $100 million of equity invested in the first year, with the typical transaction in the range of $25 million to $50 milion.

Hudson is assuming the role of managing principal and Townsend is principal. A 27-year industry veteran Hudson most recently was regional partner for Panattoni. Prior to joining Panattoni, Hudson spent 21 years with Trammell Crow Co., including as senior managing director responsible for the Mid-Atlantic business unit.

Townsend was a partner at Panattoni, where he was responsible for sourcing and managing investment opportunities throughout Maryland and Pennsylvania markets.

MRP Industrial will be headquartered in Baltimore.