(Read more on the industrial market.)
EDGEWOOD, MD-Within the space of a few of months, ProLogis has taken Park Edgewood, a distribution facility in Harford County located some 25 miles north of Baltimore, from zero to full occupancy. Several months ago, a home improvement national retailer leased 300,000 sf of the building for its reverse logistics operations, Mark Levy VP and market officer for the Washington, DC area, tells GlobeSt.com. Four months later it approached ProLogis about picking up the rest of the space for its use.
"They are essentially consolidating several different facilities under one roof and needed the room to expand," he says. The asking rate for the space was $3.95 triple net.
ProLogis acquired the property as well as 175 acres of land in late 2005. It then invested several million in capital improvements to renovate the site, adding additional dock doors, an expanded truck court, ESFR sprinkler conversion and installation of energy-efficient lighting. The renovations were completed in late 2006.
This is one of the largest such leases for the Baltimore market, according to Michael Nachamkin, ProLogis SVP and regional head of capital deployment.
At full build-out Park Edgewood will accommodate four buildings offering more than 1.45 million sf of distribution space.
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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.
