Munich, Germany-based GLL Real Estate Partners has acquired Brandon Woods III, a two-building, 840,000 square-foot industrial property in Glen Burnie, Md., from a joint venture of Chesapeake Real Estate Group and EverWest Real Estate Investors, for $90 million, according to the sellers.
The deal also included two land parcels that offers another potential 250,000 square feet of industrial development.
“Brandon Woods III further increases our allocation to our best-in-class U.S. industrial real estate portfolio that currently consists of 2.4 million square feet of Class A space in supply-constrained markets,” Christian Goebel, GLL Real Estate Partners’ executive vice president, said in prepared remarks.
This is the third industrial asset GLL has acquired in the U.S.
Located at 7659 Solley Road and 7550 Perryman Court, the two buildings are situated within the 259-acre Brandon Wood Business Park in Anne Arundel County, nearby BWI Airport and the Port of Baltimore.
The sellers originally acquired the property in 2017 from Constellation Real Estate and soon after, Best Buy committed to a full-building lease at 7550 Perryman, moving into its warehouse and distribution center in the summer of 2018. It is the largest industrial speculative building ever constructed in the area.
The second property was recently delivered and offers 340,000 square feet of industrial and warehouse space. It boasts 36-foot ceiling heights, 87 dock doors, four drive-in doors, a 130-foot truck court and enough parking for 257 cars and 61 trailers.
CREG will handle leasing for 7659 Solley Road and will assist GLL Real Estate Partners on development possibilities for the two remaining land parcels at Brandon Woods III.
“The new owner acquired a stabilized asset backed by a long-term lease with a high-credit national retailer that contains every fundamental necessary for continued success,” Matt Laraway, CREG’s partner, said. “Our efforts at Brandon Woods demonstrate the ability of our team to recognize and assume control of an under-utilized business community, and develop and lease real estate product that capitalizes on the current demand for strategically-located logistics space.”
Bo Cashman and Jonathan Beard of CBRE represented the seller in the deal.