SAVAGE, MD—A 121,380-square foot, small-bay warehouse has traded here for $9.9 million. Located at 8730 Greenwood Pl, the building is fully-leased. IPT Acquisitions purchased the building from Atapco Properties and CBRE's Bo Cashman and Jonathan Beard arranged the sale.
The sale highlights how spreads between Class A and Class B cap rates are tightening to historical lows, Cashman says in a prepared statement. "It is apparent that the influx of industrial investment capital is moving our market rapidly," he also said.
The sale of Advantage Business Park, a 528,780-square-foot industrial bulk warehouse in Aberdeen, MD, also highlights these trends. Advantage Business Park was acquired earlier this month by SK Realty Management for $31 million. Beard and Cashman brokered that transaction as well.
Indeed, the Harford/Cecil County submarket could be seen as the epicenter of the demand for industrial product here. The I-95 North market is outperforming other Baltimore industrial submarkets and Harford/Cecil County ranks as Baltimore's tightest.
Advantage Business Park is fully leased by three tenants and anchored by Gordon Food Service.
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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.
