Warehouse Sells in $12M TIC Deal

GLEN BURNIE, MD-New ground has been broken in the local real estate arena now that the Baltimore industrial market’s first Tenant-in-Common transaction has taken place. Bo Cashman of CB Richard Ellis orchestrated the deal in which Marley Neck LLC sold the 221,600-sf warehouse at 6610 Cabot Dr. to TIC sponsor Direct Invest LLC for $12 million.

Situated on a 12.6-acre parcel off I-695, the warehouse at 6610 Cabot Dr. is a 15-year-old structure that boasts a location just 10 miles outside of Baltimore. The facility is presently occupied by convenience store product distributor Eby-Brown, whose lease on the space is not scheduled to expire for another eight years or so. According to Anne Arundel County records, the property has a current assessed value of nearly $6 million.