"We look at these tenants as long-term relationships that we hope to grow," Cornforth says. AMB is a buy and hold investor, which means part of its strategy to add value to its new acquisition includes a rent repositioning when the current leases roll over.

One of the biggest selling points of this park, according to the company, is the fact that it is an in-fill location in an area with land and development constraints that pose significant barriers to entry for facilities of a similar size. Given that scenario, Cornforth says, "You have to be optimistic about the direction of rents in the market."

This acquisition increased AMB's footprint in the Washington/Baltimore market by 25% to 3.8 million sf of distribution and logistics space. "It is a big expansion for us and a further validation of our commitment to the market," Cornforth says. Last year the firm opened a local office in Baltimore but according to Cornforth the firm does not have a planned budget for acquisitions for this area. "We are opportunistic buyers in that when we see a good deal we pursue it." This particular portfolio, he says, was broadly marketed.

AMB is active in nine or so markets along the eastern seaboard from Toronto to South Florida, with Miami and Orlando currently the most active for the firm.