BALTIMORE—Last month we reported that Denver, CO-based Industrial Property Trust picked up a trio of warehouses here for $27 million, according to a Securities and Exchange Commission filing it had made. More details have emerged about the transaction: CBRE arranged the sale of the three buildings, which span a total of 429,100 square feet. Colony Realty Partners was the seller of the properties, located at 8263-8265 Patuxent Range Road in Jessup, and 8700 Larkin Road in Savage.
The buildings are 98% leased to 15 customers with a weighted-average remaining lease term of 2.8 years, according to the filing. Bo Cashman, Jonathan Beard and Mike Roden of CBRE's Baltimore office arranged the transaction—one of many class B industrial assets it has sold in recent weeks. All told, CBRE has sold close to $75 million of class B industrial in the last three weeks.
This week also saw TA Associates' acquisition of a 205,800-square foot warehouse within the Route 100 Industrial Park that is 68% vacant. Jonathan M. Carpenter, Nicole R. Keelty and Graham Savage of Cassidy Turley's Capital Markets team, brokered the transaction, representing the seller, Morgan Stanley.
Another recent transaction was the trade of a 121,380-square foot, small-bay warehouse for $9.9 million. IPT Acquisitions purchased the building from Atapco Properties.
"Industrial investment capital continues to be very competitive and is moving the market" is Cashman's assessment of recent events.
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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.
