Transwestern Realty Services' Columbia office represented the seller of the 34-year old structure, which sits on a 21-acre site. The distribution center is currently 27% occupied by tenants including Lincoln Technical Institute and Dal-Tile. KLNB Commercial Real Estate Services listed the property for sale in 2000 at $15.4 million, but for $489,000 sf of space.
The property was up for grabs in 1999 for $16.4 million. Whitehall had been eyeing the property since 2000, and rumors of its pending takeover of the property surfaced in August of last year.
The acquisition is in line with the company's goal of increasing its presence in the suburban Baltimore area. "[The distribution center was attractive] because we were actively acquiring industrial redevelopment projects in Howard and Anne Arundel counties," Whitehall President Michael Nachamkin tells GlobeSt.com. "It's an excellent location." And the property is one of the largest industrial spaces in the state.
"Our plans are to renovate and redevelop the property into a facility that can handle five or six tenants," Nachamkin adds. "Columbia has little industrial space." He adds that the company prefers acquiring existing spaces as opposed to building new ones at this time, "because here, there's no development expense."
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