BALTIMORE, MD—Last month CBRE helped close two industrial deals in the Baltimore region. They were solid transactions for both the buyers and sellers, but other than that, fairly unassuming. Business as usual, one might say. In the aggregate, however, their respective trades represent something else entirely, which is the ongoing love affair investors are having with Baltimore-Washington industrial.

Now if you are a the-glass-is-half-empty person, the flip side of these deals, which will be described in a few moments, also represent a sad fact of this market. And that is, it is very unlikely that the Mid-Atlantic industrial market will reach last year's high-water mark of $900 million in sales, despite the still hot interest by investors. Why? Simply because there are not enough assets available to be acquired.

Yes, there is supply in the pipeline, it will not be available until after 2015 completes its home stretch, Tim Zulick, CBRE's managing director in Baltimore, tells GlobeSt.com.

"Demand, fundamentals, it's all just as strong as last year but we won't get to $900 million because we don't have the product to sell."

National investors have been targeting these properties, as well as foreign investors. Local assets have also traded as part of large national portfolios transactions, such as with Singapore's GIC fund's $8.1 billion acquisition in 2014 of IndCor Properties.

For now, investors are primarily targeting state-of-the-art assets, Zulick said, with cap rates coming in at about 5 and 5-and-a-quarter.

The scarcity of supply would also suggest lower vacancy rates but those have stayed roughly the same as the market experiences a flight to quality, Zulick said. "Landlords are less inclined to offer incentives but that is about it." There is new construction coming online -- some one-million-square feet -- but it won't deliver for another six to nine months, Zulick says.

Now about those deals. One is 318 Clubhouse Lane, a 30,000-square-foot, flex use, property in Hunt Valley, MD. The seller is First Industrial Realty Trust and the buyer is Media Star Promotions. It traded for an undisclosed price with CBRE's Alan Grace, Ketch Secor, and Ryan Engles brokering the sale. Media Star plans to occupy the entire building.

The second transaction is the sale of Arundel Crossing VI, an industrial property within the Arundel Crossing East Business Park, in Odenton, MD. STRS Ohio MD Real Estate Investments, an LLC, purchased the office flex building from Napoli Properties, LLC for $7.98 million. Ed Harris and Mike Roden of CBRE represented the seller in the transaction.