HANOVER, MD-Cushman & Wakefield has completed the $90.5million sale to Amazon of a six-building Baltimore industrialproperty portfolio, Techwood Business Center.

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Amazon acquired the648,173-square foot property, located in the Baltimore CommonsBusiness Park here, from RREEF Management for $139 per square footin a deal that Cushman negotiated on behalf of the seller,according to the firm's first-quarter Baltimore industrial marketreport.

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Amazon has been expanding itsfootprint along the Baltimore-Washington corridor, where TechwoodBusiness Center is located.

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Location was key to the deal,since Techwood Business Center provides immediate access to theregion's major highways, I-95, I-295 and I-97, in one of the"highest-performing supply-constrained markets in the country,"according to Cushman & Wakefield's announcement.

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The overall industrial vacancyrate for the Baltimore-Washington Corridor submarket was 6.2% forthe first quarter, said the firm's Baltimore marketreport.

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Two members of Cushman &Wakefield's Baltimore capital markets team, executive managingdirector Jonathan Carpenter and senior director Graham Savage,represented RREEF Management.

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Carpenter described the biddingas extremely competitive. "This generational industrial offeringreceived tremendous interest from national and internationalinvestors," Carpenter said in the announcement, adding that winningbidder, which he identified only as an e-commerce company, had a"strategic interest in this business park and theBaltimore-Washington region."

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In the past 12 months, Carpenterand Savage have closed nearly $350 million in industrial dealsvolume. 

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The Techwood Business Center dealwas the second-largest Baltimore industrial deal by square footagefor the first quarter, but the highest by sale value, according toCushman & Wakefield's Baltimore industrial marketreport. 

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The largest deal by squarefootage was German investor GLL Real Estate Partners' purchase ofan 840,000 square foot industrial property, Brandon Woods III for$90 million from a joint venture of EverWest Real Estate Investorsand Chesapeake Real Estate Group. The $90 million sale was for a$107 average price per square foot. That deal was also in AnneArundel County.

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Meredith Hobbs

Meredith Hobbs writes about the Atlanta legal community and the business of law. Contact her at [email protected] or 404.419.2837. On Twitter: @MeredithHobbs.