The 35-year-old Snowden Distribution Center disposition comes just over two years after Whitehall acquired the property, which had suffered from a disastrously high vacancy rate of 85%. The owner submitted the warehouse facility to a $2 million renovation, and at the time of the sell, it was 100% occupied. Whitehall's $13.5 million purchase of the property in 2001 means its hard work paid off with a substantial profit of $12.2 million. "This project represented another successful redevelopment effort for Whitehall Industrial Properties in the Baltimore marketplace," company president Michael Nachamkin says.
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