HANOVER, MD—An industrial property in need of re-tenanting has traded for $18.71 million. The sale of the 278,586-square foot facility at 7448 Candlewood Rd. here is another indication of investors' determination to grab hold of this area's growth story. In short, opportunities for core industrial assets are narrowing, so value add is becoming more attractive.
CBRE Global Investors sold the property to Hartz Mountain Industries, in a transaction brokered by CBRE's Bo Cashman, Jonathan Beard and Ed Harris.
Industrial investors are now focused on finding value-add opportunities in core markets, Beard says. "Pricing for the market's stabilized industrial assets exceed 2007 levels, and opportunities such as 7448 Candlewood, where a re-tenanting initiative is needed, are highly desired," he added in a prepared statement.
Other recent industrial trades in the greater Baltimore include 4801 Hollins Ferry Rd., which traded from Archon for $22.2 million to an joint venture between AEW Capital and Redgate Capital Partners, and Brandon Woods II, a 353,000-square foot facility sold by Merritt Properties to Principal Real Estate Investors for $26.5 million.
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