HALETHORPE, MD–Newport Beach, Calif.-based the O'Donnell Group has acquired an empty value-add industrial asset here, for $13.4 million, or $42.81 per square foot. How did it scoop up such a rare find, especially in the BWI Corridor where the vacancy rate is in the single digits? The previous owner of the property, Federal Capital Partners, had run out of time on its hold period and decided to sell, Cushman & Wakefield's Jonathan M. Carpenter tells GlobeSt.com. Carpenter represented the seller in the deal along with Graham Savage.

The building, located at 2209 Sulphur Spring Rd., had been waiting for county and regulatory approval for a renovation project and it took longer than the seller had anticipated, Carpenter says. “The buyer saw an opportunity for a value-add deal.”

Now the permits are in hand and the O'Donnell Group will go forward with plans to add 25 dock doors, which will significantly enhance the building's value, Carpenter explains. 2209 Sulphur Springs Rd. is an older building with lower clear heights but it has good access to the highway and plentiful parking/trailer storage, he says, and the latter two features, along with dock doors, are premiums in the BWI market. “Clear height is not as important because users don't tend to rack goods very high — they are not in the warehouse that long because these are primarily last-mile distribution centers.”