Will McCullough and Merrill Turnbull with Lincoln Property Co. represented the landlord, American Realty Advisors. Bill Pellington with CB Richard Ellis represented the tenant.
The home furnishings chain is the biggest tenant in the 1.3-million-sf, four-building, high-bay warehouse and distribution project, located just east of the intersection of I-95 and I-695 in East Baltimore county. The total value of the lease is approximately $17 million, McCullough tells GlobeSt.com. With the tenant recommitting long term to the facility, he says, Marshfield will remain at full occupancy.
The building owner developed additional trailer storage space on an adjacent 7-acre lot to help convince the tenant to stay, he adds. "It was converted into a fenced, paved storage lot to make the overall facility more functional. The warehouse space was adequate for the company – it just had an additional need for trailer space." The building owner blended the cost of the rehab into the tenant's new rent, McCullough says. He declines to say what that new rate is, but did observe that similar space in the submarket brings in $5.25 to $5.50 per sf, triple net. The Baltimore market remains healthy for industrial space, he continues, even as the vacancy rate inches into the higher teens due to the number of new spec class A deliveries in recent months.
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