(To read more on the industrial market, click here.)
HANOVER, MD-Boston-based Great Point Investors LLC has acquired an industrial facility in Anne Arundel County from LaSalle Investment Management for almost $9 million. Bo Cashman and Jonathan Beard of CB Richard Ellis' Investment Property Group represented the seller.
Located at 7453 Candlewood Rd., the 128,800-sf facility is front-loaded and has a rail access spur. Currently, it is fully leased to three tenants, STAG-Parkway, Inc., Innovations USA and Grafco Pet Packaging.
The facility is well positioned to attract future tenants, Cashman says, because it is located within the Baltimore-Washington Corridor, a bulk distribution market with a low vacancy rate and limited new supply in the pipeline.
According to Cashman, the corridor's bulk warehouse vacancy rate was 8.7% at the end of the fourth quarter 2006, a drop from the 9.03% rate at the end of the previous quarter. "The market's convenient access to Interstate 95 has and will continue to attract a strong creditworthy tenant base," he says in a statement.
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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.
