(To read more on the industrial market, click here.)
BALTIMORE-First Industrial Realty Trust, Inc. has closed a sale-leaseback transaction with Fila USA, a subsidiary of Sport Brands International Ltd. Fila, which uses the site as a critical use facility, had owned it since the late 1990s.
The 379,012-sf distribution facility will be leased by Fila USA for 15 years. According to MacKenzie Commercial Real Estate Service, average industrial rents for warehouse space in the Baltimore market range from $4.31 to $4.86.
In a recent analysis of this market, MacKenzie reports that vacancies have dropped from 10.58% at year end 2004 to 9.45% at year end 2005. At the same time, development has been restrained, dropping from 47% at year end 2004 to a current total construction of 1.2 million sf.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
