(To read more on the industrial market, click here.)
BALTIMORE-First Industrial Realty Trust Inc. has begun construction on its second building at Baltimore Crossroads@95. When it is finished, Baltimore Crossroads@95 will have more than five million sf of flex/office, office, warehouse and industrial space, 400,000 sf of retail space and two full-service hotels.
Entering the final stages of a 130,000-sf building for Alexander's Mobility Services, a transportation company with nine offices in the US, First Industrial has begun a second project. The newest endeavor will be a 300,000-sf industrial facility, which is being built on a speculative basis.
No preleasing has been arranged, according to Brian Sheehan, leasing director of the Baltimore region at Colliers Pinkard, which has been selected as the leasing broker for the project. He tells GlobeSt.com that the asking rate will be $5.25 per sf triple net. The building will deliver at the end of the year.
"Demand is strong for space in the park," he says. "Other spec buildings have leased up quickly." Sheehan did not know what the development costs of the building would be.
"This project is perfectly suited for companies looking for direct access to a variety of points along the Mid-Atlantic corridor via Interstate 95," says Mark McConnell, managing director of First Industrial, 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.
