BALTIMORE, MD—In yet another sign that institutional investors are becoming more and more active in Baltimore's industrial market, Principal Real Estate Investors has acquired a 352,850-square foot warehouse here from Merritt Properties.
CBRE arranged the sale of the Brandon Woods II warehouse, which is currently occupied by Under Armour. The property, located at 7629 Gambrills Cove Rd., traded for $26.475 million.
"The Under Armour tenancy, Class A quality of the building, and proximity to the Port of Baltimore combined to make this asset a highly desirable offering for the Baltimore-Washington Corridor market," CBRE's Robert T. Cashman of CBRE Institutional Properties Group, says in a prepared statement.
Brandon Woods is located in the Marley Neck submarket. It is a state-of-the-art facility featuring high-cube, 42-foot clearance with a cross-dock configuration, air conditioning throughout, and 9,200 square feet of Class A office space. Upgrades that Merritt have made include 285,000 square feet of racking systems with in-rack sprinklers, 14 forklifts, a backup generator for the entire building, and a security system with 62 HD cameras.
CBRE's Jonathan Beard and Bill Pellington collaborated with Cashman in representing the seller.
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