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HANOVER, MD-Lincoln Properties has reached the halfway point–55% occupancy–in one of the three bulk warehouses it delivered here in June 2006. The company has recently inked two large-sized leases totaling 240,200 sf in recent weeks for Lincoln Crossroads I, a class A, cross-dock warehouse totaling 456,000 sf.

Once the remaining space is leased, the company will have closed the books on this trio of industrial space. Crossroads III, one of the sister sites, has already fully leased its 215,000 sf. The company recently sold Crossroads II, the third facility which is also approximately 215,000 sf, for $84 per sf, according to Lincoln Properties’ Merrill Turnbull, who represented the company in the lease transactions for Crossroads I, along with colleague Will McCullough.

Crossroads I has been empty since the facility delivered, Turnbull tells GlobeSt.com. “Recently, though, we have inked two quality leases with investment credit tenants,” he says. This month the company revealed it has signed a contract with Lagasse Inc. for 111,360 sf at the building, located at 7481 Coca Cola Dr. Then the firm revealed it signed on Bunzl Distribution Group to occupy 128,841 sf at Lincoln Crossroads I, which sits at the intersection of Route 100.

John Childs with Jones Lang LaSalle represented Lagasse in that deal. Rick Latini of Colliers Pinkard represented Bunzl The asking rate for the remaining space is $5.50 per sf, shell, Turnbull says. Lincoln Crossroads II, which traded for approximately $18 million, was sold to an Asian food distributor, he adds.

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