NORTH EAST, MD-SK Realty has acquired a fully leased industrial facility in this part of Maryland for $19.2 million. The multi-tenant 345,600-square foot facility is located at 4 Center Dr., and is fully leased to the federal government and Herr Foods, Inc. It is located just off Interstate 95 in Cecil County.
Cushman & Wakefield's Cristopher Abramson, Brian Kruger, Nicholas Signor, Jonathon Chalkley, Matthew Laraway and Jonathan Casella brokered the sale on behal of the seller.
Demand for industrial product in Cecil County, where North East is located, and nearby Hartford County is surging, Abramson tells GlobeSt.com. "These assets are providing investors with predictable income streams and there is little trouble finding tenants, at least for the better located assets."
"These countries have grown into institutional quality distribution center market. We have seen a number of trades and occupancies are at levels I have never seen before."
4 Center Drive is an example of a high-demand asset here, he says. It is very close to Herr's plant making logistics easy for the company.
SK Realty has a presence in this market already, having purchased a 4-building I-95 net leased portfolio in late 2011. The portfolio included three buildings in the Baltimore and Harford County markets.
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