BALTIMORE-Atlanta-based Weeks Robinson Acquisitions LLC has made the first of what will be a number of industrial acquisitions in the BWI corridor. The company has snagged an empty 600,000-square foot building at 4000 Principio Parkway in Cecil County for $19.1 million. Quality Properties Asset Management Co. was the seller.
“There were dozens of investors pursuing this asset,” Bo Cashman, SVP at CB Richard Ellis, tells GlobeSt.com. Cashman, along with colleagues Jonathan Beard and Bill Pellington, represented the seller in the transaction. There is nothing startling about that--institutional investors’ interest in local industrial assets has been strong for some time. What is telling about this deal is that the building traded even though it has been sitting empty since its delivery in 2007.
“We haven’t seen an empty building sale in last three years here,” Cashman says, adding that this is largely due to concerns about leasing velocity. This building “is an early signal that investors are confident that high quality buildings are going to get leased,” he says. “They want to invest in high quality assets and they are now willing to take on more risk.”
Cashman adds that this is the first of several industrial acquisitions Weeks Robinson plans to make in the Mid-Atlantic. The building is situated on 41 acres and has 32-foot clear heights, 135-foot truck courts and 150 trailer parking spaces. There are an additional 33 usable acres ready for development.
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