AEW, Manekin Refi Baltimore Washington Logistics Center With $56M Citizens Bank Loan
Citizens Bank has provided $56.3 million to real estate investment firms AEW Capital Management and Manekin to refinance a 1-million-square-foot industrial complex in Jessup, Md., not far from Baltimore/Washington International Thurgood Marshall Airport.
An HFF team led by Daniel McIntyre, Fred Wittmann and Greg LaBine worked on behalf of AEW and Manekin to secure the loan to refinance the Baltimore Washington Logistics Center, a two-building property in the middle of the Baltimore-Washington corridor.
The complex includes 7600 Assateague Drive, a 853,500-square-foot warehouse and distribution building that is presently vacant, and 7540 Assateague Drive, a 160,000-square-foot refrigerated building that is fully leased to CGC Holdings, the parent company of food distributors G. Cefalu & Bro. and Capital Seaboard.
The 60-acre industrial property benefits from its access to the corridor’s main transit arteries—namely Interstate 95, U.S. Route 1 and Baltimore-Washington Parkway—as well as BWI Thurgood Marshall Airport and the Port of Baltimore, according to an HFF release announcing the refinancing.
AEW and Manekin teamed to acquire the complex for $45.3 million in 2015 from previous owners Mosaic Realty Partners and New York Life Real Estate Investors, according to news reports at the time. The buyers proceeded to redevelop and expand the building at 7600 Assateague Drive and built a new structure at 7540 Assateague Drive to its food distributor tenant’s specifications.
Representatives for Citizens Bank, HFF, AEW and Manekin could not immediately be reached for comment.