CB Richard Ellis's Bill Pellington and Justin Mohler served asthe lead brokers for the transaction, acting on behalf of both thetenant and building owner James F. Knott Realty Group. Terms ofRite Aid's lease with the owner have not been disclosed, howeversimilar space in the area is marketed in the $4 to $4.50 range,Mohler says. <PRite Aid's new warehouse addition sitsat 1351 Brass Mill Rd. Developed nearly two decades ago in 1986,the property had sat vacant for the last 20 months; CB RichardEllis only had the listing for about 11 months.

"It's a tough market," Mohler tells GlobeSt.com. "There's a lotof competition out there in the bulk warehouse area. The activitylevel in the market has been slow for the past 18 months." Indeed,the struggle to lease up bulk warehouse space in Harford County hasbeen hampered by what was an 11.1% vacancy rate during the lastquarter of 2003, according to Delta Associates; although, thatfigure had decreased by 2.1% over the same period in 2002. "But themarket is starting to pick up and we're starting to see someactivity" he adds. Approximately 550,000 sf of space has beenleased up over the last five months.