Two-Year Turnaround Brings $12M Profit

COLUMBIA, MD-Snowden Distribution Center–the 475,000-sf warehouse property previously known as Columbia Midway Distribution Center–has come under the ownership of the Realty Associates Fund VI LP through a recent deal that has left seller Whitehall Industrial Properties, a Goldman Sachs affiliate, with $25.7 million in its pocket. Whitehall relied on the assistance of Transwestern Commercial Services’ Transwestern ASSET Investment Sales Group to sell the property.

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.