NKF Facilitates Largest-Ever Industrial Transaction Along Baltimore-Washington Corridor
An investment vehicle currently managed by Grandview Partners acquired the Mid-Atlantic Commerce Center, an 853,520-square-foot Class A industrial building in Jessup, Md., from a joint venture led by local operator, Manekin, according to Newmark Knight Frank, which represented both sides in the deal.
The price was not disclosed but public records list the sale at $88 million and it represents the largest-ever single-asset industrial sale by square footage in the Baltimore-Washington Corridor.
“This was a rare combination of investment-grade tenancy paired with value-add potential,” Ben McCarty, NKF’s associate director of its Maryland Capital Markets team, told Commercial Observer.
Located at 7600 Assateague Drive, the property has a tenant roster that includes Walmart, Pepsi and ASR Group.
“This sale represented a rare opportunity for Grandview Partners to both enter the market and place a meaningful amount of value-add capital in an exceptional property with investment-grade tenancy,” said Cris Abramson, NKF’s executive managing director.
The sellers originally purchased the property in 2015 with the intent to renovate and expand the facility and sold shortly after completion of its plan.
“The Baltimore-Washington Corridor is one of the top industrial markets in the country,” McCarty said. “Its location in the Mid-Atlantic provides access to a tremendous and affluent consumer base.”
Also helping with the sale were NKF’s Director Nicholas Signor, while Senior Managing Director Brian Kruger provided leasing advisory services.
The property currently has a 272,944-square-foot suite available for lease.