HALETHORPE, MD—AEW Capital Management is developing a 285,000-square foot industrial distribution facility on behalf of one of its institutional clients here. The company acquired the site, located at 4803 Hollins Ferry Rd., last month. It also acquired 4801 Hollins Ferry Rd., a 279,016 square foot, industrial building fully leased to FedEx, Forward Air and Global Experience Specialists. 4803 Hollins Ferry Rd. is located on a 17.23-acre development site approved for an approximately 300,000 square foot distribution center.
Hollins Ferry Logistics Center is scheduled to break ground by Q4 2014 and deliver in 2015. Redgate Capital Partners will be the development manager for the project and Cassidy Turley's Jarred Testa and Tilghman Herring will be the leasing agents.
Testa says the center will be a state-of-the-art industrial building with a high dock door ratio, above-market average trailer storage, ESFR sprinkler and 32' clear ceilings. “This property is also located in an Enterprise Zone," he says in a prepared statement, which will mean lower real estate taxes and tenant income tax credits.
Jonathan M. Carpenter, Nicole R. Keelty and Graham Savage of Cassidy Turley's Capital Markets team represented the seller of the two properties in June, Goldman Sachs. A joint venture between AEW Capital Management and Redgate Capital Partners purchased the properties.
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