HANOVER, MD-Cushman & Wakefield has completed the $90.5 million sale to Amazon of a six-building Baltimore industrial property portfolio, Techwood Business Center.
Amazon acquired the 648,173-square foot property, located in the Baltimore Commons Business Park here, from RREEF Management for $139 per square foot in a deal that Cushman negotiated on behalf of the seller, according to the firm's first-quarter Baltimore industrial market report.
Amazon has been expanding its footprint along the Baltimore-Washington corridor, where Techwood Business Center is located.
Location was key to the deal, since Techwood Business Center provides immediate access to the region's major highways, I-95, I-295 and I-97, in one of the "highest-performing supply-constrained markets in the country," according to Cushman & Wakefield's announcement.
The overall industrial vacancy rate for the Baltimore-Washington Corridor submarket was 6.2% for the first quarter, said the firm's Baltimore market report.
Two members of Cushman & Wakefield's Baltimore capital markets team, executive managing director Jonathan Carpenter and senior director Graham Savage, represented RREEF Management.
Carpenter described the bidding as extremely competitive. "This generational industrial offering received tremendous interest from national and international investors," Carpenter said in the announcement, adding that winning bidder, which he identified only as an e-commerce company, had a "strategic interest in this business park and the Baltimore-Washington region."
In the past 12 months, Carpenter and Savage have closed nearly $350 million in industrial deals volume.
The Techwood Business Center deal was the second-largest Baltimore industrial deal by square footage for the first quarter, but the highest by sale value, according to Cushman & Wakefield's Baltimore industrial market report.
The largest deal by square footage was German investor GLL Real Estate Partners' purchase of an 840,000 square foot industrial property, Brandon Woods III for $90 million from a joint venture of EverWest Real Estate Investors and Chesapeake Real Estate Group. The $90 million sale was for a $107 average price per square foot. That deal was also in Anne Arundel County.
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Meredith Hobbs
Meredith Hobbs writes about the Atlanta legal community and the business of law. Contact her at [email protected] or 404.419.2837. On Twitter: @MeredithHobbs.
