ELKRIDGE, MD—It has been clear for some time that institutional capital is enamored with industrial assets in the Baltimore-Washington Corridor; now it is becoming clear by just how much. In short, all assets are in play – and that includes opportunistic properties with a 32% occupancy rate.
That describes a recent purchase by TA Associates – a 205,800-square foot warehouse within the Route 100 Industrial Park that is 68% vacant. The sale of the property, located at 6930 San Tomas Rd., was brokered by Jonathan M. Carpenter, Nicole R. Keelty and Graham Savage of Cassidy Turley's Capital Markets team. They represented the seller, Morgan Stanley.
The building traded for $12.5 million.
“The sale continues the trend of value-add industrial acquisitions in the Baltimore-Washington Corridor," Carpenter says in a prepared statement. "With the continued economic recovery and corresponding increase in occupancy and rental rates, this partially leased warehouse will provide value-add returns for the buyer, TA Associates."
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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.
