How The O’Donnell Group Snapped Up An Empty Industrial In Low-Vacancy BWI Corridor

Federal Capital Partners sold the empty 313,000-square foot warehouse after its hold period was up.

HALETHORPE, MD–Newport Beach, Calif.-based the O’Donnell Group has acquired an empty value-add industrial asset here, for $13.4 million, or $42.81 per square foot. How did it scoop up such a rare find, especially in the BWI Corridor where the vacancy rate is in the single digits? The previous owner of the property, Federal Capital Partners, had run out of time on its hold period and decided to sell, Cushman & Wakefield’s Jonathan M. Carpenter tells GlobeSt.com. Carpenter represented the seller in the deal along with Graham Savage.

The building, located at 2209 Sulphur Spring Rd., had been waiting for county and regulatory approval for a renovation project and it took longer than the seller had anticipated, Carpenter says. “The buyer saw an opportunity for a value-add deal.”

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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