Royal Oak Buys 125K-SF Warehouse Outside of Baltimore
By Christina sturdivant-Sani September 4, 2019 4:14 pm
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Annapolis, Md.-based investment firm MRE Properties has sold a 125,000-square-foot warehouse in suburban Baltimore to Royal Oak Realty Trust for $12 million.
The property is located at 100 Jamison Court in Hagerstown, Md., according to a statement from Cushman & Wakefield (CWK), which represented the seller and procured the buyer in the transaction.
MRE Properties owned the building for 12 years before selling it to Royal Oak, a Rochester, N.Y.-based real estate investment trust. The warehouse and an adjacent parking lot are fully leased to Merkle Response Management Group through October of 2027.
The investment sales market in Hagerstown “continues to gain momentum,” Graham Savage, of Cushman & Wakefield, said in prepared remarks. “There are more and more institutional investors looking to put money to work there, which has made for competitive sales processes. This is especially true with a tenant like Merkle, which has stellar credit and a long-term commitment to the property.”
Savage, along with Jonathan Carpenter of C&W represented the seller in the transaction.
