BALTIMORE, MD-Cole Real Estate Investments has acquired a 1.2-million square foot distribution center here for $74.1 million.
The building is fully occupied by Restoration Hardware. Cushman & Wakefield's capital markets team of Cristopher Abramson, Brian Kruger, Nicholas Signor and Jonathon Chalkley represented the seller, Weeks Robinson, in the transaction.
The property, located at 4000 Principio Pkwy, had doubled in size under Weeks Robinson, which purchased a 600,000-square-foot distribution center in August 2011 and then went on to expand the building by an additional 600,000 square feet in 2012. The now 1.2-million-square-foot property serves as Restoration Hardware's largest distribution center in the world.
The property features a 32-foot clear height, 234 dock positions, ample car parking, and 294 trailer storage positions.
Cole, it seems, has developed an appreciation for Baltimore industrial property—this deal follows last month's acquisition of a 450,000-square foot distribution center by an affiliate of Cole Real Estate Investments for $27.7 million. The build-to-suit property, The Winchester 81 Logistics Center, is fully occupied by McKesson Corp.
Products like 4000 Principio Pkwy and The Winchester 81 are what Cole is looking for right now, C&W's Kruger tells GlobeSt.com—single tenants with long term leases.
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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.
