Coca Cola Building Gets New Owner

HANOVER, MD-Ownership of a 280,000-sf warehouse building in the Baltimore Commons Business Park has changed hands in a recent transaction. CalEast–a joint venture consisting of CalPERS and LaSalle Investment Management–and joint venture partner Panattoni Development Co. sold the property, which became home to Coca Cola Enterprises about a year ago, to HDG Mansur Group and walked away with $23.3 million. The joint venture and its partner relied on the assistance of real estate services firm CB Richard Ellis to dispose of the property.

The facility, known as the Ace Hardware warehouse before Coca Cola moved in, carries the address of 7448 Candlewood Rd. and sits within close proximity to the Baltimore-Washington International Airport. “The Baltimore area is now attracting more capital in search of commercial real estate investments,” CB Richard Ellis’s Bo Cashman notes. “The fundamentals of the Baltimore Washington market combined with our firm’s access to the most aggressive global capital made this deal happen. The high purchase price speaks to robust nature of this market and we expect this trend to continue.”