HANOVER, MD—The three-building Candlewood Commerce Center here has been sold by TIAA-CREF to Dallas-based Westmount Realty Capital for $26.6 million.
The deal is another example of continued strong investment interest in industrial real estate assets in the Baltimore-Washington corridor.
The center, comprised of 7462, 7466 and 7468 Candlewood Road in Hanover, is 40% leased and totals 357,701 square feet of industrial space. Jonathan M. Carpenter, Nicole R. Keelty and Graham Savage of DTZ's Baltimore Capital Markets team represented the seller, TIAA-CREF in the transaction.
“This value-add portfolio transaction marks Westmount's initial investment into the Baltimore Washington Corridor market,” says DTZ's Carpenter. “Candlewood Commerce Center grants Westmount economies of scale in the region and will allow them to add value and grow their portfolio over time.”
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