Financial terms of WAVE's lease agreement with property owner PP Investment Co. have not been released. However, the space had been marketed through real estate services firm Colliers Pinkard at $4.05 per sf. KNLB represented WAVE in the lease transaction, while Preston Partners represented the property owner. Wave will also spend an additional $9 million to get the facility up and running.
WAVE's new home is located at 1415 Perryman Rd. in the 50-acre Perryman Industrial Park, which sits about 25 miles outside of Baltimore. Built in 1999, the single-story structure is a class A facility that features 6,000 sf of designated office space, as well as outside storage space.
"The decision by WAVE to expand and grow in Maryland is a real testament to the quality of life, business climate and skilled workforce offered by the State and Harford County," Maryland Business and Economic Development secretary Aris Melissaratos notes. "By giving companies the tools they need to grow and thrive, we are ensuring that Maryland's economy continues to provide good, family-supporting jobs to the community."
The company's decision to expand in Maryland results in the retention of existing jobs and the creation of 200 new jobs that will be relocated from the Pennsylvania plant.
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