Brandon Woods
GLEN BURNIE, MD—Chesapeake Real Estate Group and EverWest Real Estate Investors on behalf of a separate account client, have sold Brandon Woods III, a two-building business community comprising 840,000 square feet of industrial/warehouse space and two land parcels with the potential for another 250,000 square feet of development. The assets, located at 7550 Perryman Ct and 7659 Solley Rd, are within Brandon Woods III, a 259-acre business community near Fort Smallwood Road in Anne Arundel County, Maryland.
Chesapeake Real Estate tells GlobeSt.com that the project went to market in the third quarter during an "extremely" hot environment and the seller was chosen in the fourth quarter. The first phase closed at the end of 2019 with the second building recently closed.
The buildings were purchased by GLL Real Estate Partners (GLL), who acted on behalf of an institutional investor. GLL, a subsidiary of Macquarie Infrastructure and Real Assets, is an international real estate fund manager headquartered in Munich, Germany. The company, which has been investing in the US since 2001, currently manages $8.8 billion in assets, including $4 billion assets under management in the US. GLL's US portfolio includes high-quality commercial office, retail and industrial properties throughout 15 states. Brandon Woods III represents the third industrial asset acquired by GLL in the US.
"Brandon Woods III further increases our allocation to our best-in-class US industrial real estate portfolio that currently consists of 2.4 million square feet of Class A space in supply-constrained markets," said Christian Goebel, EVP, GLL Real Estate Partners. "We are excited to work with Chesapeake Real Estate Group on the lease-up business plan for 7659 Solley Road and together we will explore development options for the two remaining land parcels to meet market demand."
7550 Perryman Court is considered the largest industrial speculative building ever constructed in Anne Arundel County. Best Buy executed a full-building lease at 7550 Perryman in summer 2018 and currently employs approximately 300 workers at the building, which is used as a warehouse and distribution center for large products to support its e-commerce business serving the Mid-Atlantic region, and also as a repair site for major appliances, televisions and home theatre products.
7659 Solley Road is a recently-delivered 340,000 square foot spec industrial/warehouse building with 36 foot ceiling heights, 87 dock doors, four drive-in doors, a 130 foot truck court and parking for 257 cars and 61 trailers.
The sale also includes two development-ready land parcels on 51 acres that can accommodate up to 250,000 square feet of office/warehouse space.
CREG has been retained to oversee the construction, leasing and management at Brandon Woods III, which should total approximately 1.1 million square feet of space upon completion of the entire project.
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