ProLogis Acquires 259,000 SF for $10M

(Read more on the industrial market.)

BALTIMORE-ProLogis has added to its seven-million-sf local portfolio with the acquisition of two industrial buildings here that total nearly 259,000 sf. ProLogis acquired the two buildings, one of which will continue to be occupied by a subsidiary of the seller, for $10 million. Fredrick P. Winner, Limited, a locally based beer and spirits distributor was the owner; Winner Distributing will continue to occupy 94,000 sf at 7616 Canton Center Dr. under a long-term lease.

It will be moving out of the second building, a 165,000-sf facility located at 1101 DeSoto Rd. Once it does, according to Mark Levy, VP and market officer for ProLogis in Washington DC/Baltimore, the company will begin a $3.5-million plus rehab of the building. “It will be completely overhauled,” he tells GlobeSt.com. Construction will take about eight to ten months after Winner Distributing moves out in November with an expected delivery date of spring 2008, he adds.