The Baltimore-Washington Corridor market continues to attract significant interest for industrial investment properties
Baltimore, Maryland, September 2, 2015 – CBRE negotiated the sale of Arundel Crossing VI, an industrial property within the Arundel Crossing East Business Park. Located at 1710 Crossroads Drive in Odenton, Maryland, STRS Ohio MD Real Estate Investments, LLC purchased the asset from Napoli Properties, LLC for $7.98 million. The asset is comprised of a 89,252 square feet with 4,698 rentable square feet of office space. Ed Harris and Mike Roden of CBRE represented the seller in the transaction.
“The sale of Arundel Crossing VI is further evidence of widespread investor interest in high-quality assets within the Baltimore-Washington market,” said Mr. Roden, CBRE Senior Vice President. “The resiliency and strength of the area’s economy, combined with attractive underlying industrial market fundamentals, has led to Baltimore-Washington Corridor being elevated to one of the leading destinations for industrial investments.”
STRS of Ohio now owns six buildings in the Arundel Crossing East Business Park. Core assets in this particular market rarely trade and buildings like Arundel Crossing VI, which possesses the unique combination of quality construction and a desirablelocation, are always in high demand, according to CBRE.
“The property is ideally situated within an ever tightening submarket, with a buyer that’s well positioned to take advantage of an area that continues to see substantial growth,” said Mr. Harris, CBRE Senior Vice President. “The proximity of the purchased-asset contributes to a clear vote of confidence in the long-term economic prospects of the Suburban Maryland industrial market.”
Located in the heart of the Baltimore-Washington Corridor, the asset was built in 1999 and purposed as a transit-oriented, highway accessibe facility with immediate access to Route 32 to I-295, I-95 and I-97, proximity to Ft. Meade, NSA and BWI Airport. The property features a fenced and secured truck court, trailer parking, ESFR sprinkler, generous clear heights and the ability to secure the site.
In addition to brokering this transaction, the CBRE brokerage team also involved the firm’s Asset Services and Financial Services Group to assist in providing the client with additional advisory and property management services.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.