TJ Maxx Leases 205K SF Industrial Space at Mid-Atlantic Commerce Center in Maryland
National retailer TJ Maxx has signed a 205,306-square-foot lease at the Mid-Atlantic Commerce Center, an 853,520-square-foot industrial property in Jessup, Md., in the heart of the Baltimore-Washington corridor.
Newmark represented landlord Grandview Partners, which acquired the building earlier this year.
“The lease means a lot — the credit of a Fortune 100 company and getting the building to 92 percent occupancy is a great outcome for ownership,” Brian Kruger, a senior managing director in Newmark’s Baltimore office, told Commercial Observer. “The outside area that consists of more than 190 trailer positions was a major driver for the tenant. Their space will include a new office area and secured premises.”
Located at 7600 Assateague Drive, the 47.33-acre property recently underwent a redevelopment, which included the addition of a new roof, dock doors, electrical system, lighting, heating, and 123,000 square feet of new tilt-wall expansion.
It also offers a significant amount of trailer parking and is near Route 1, Route 32 and I-95.
TJ Maxx will utilize the property as its mid-Atlantic distribution center when it moves into the space early during the second quarter of 2021.
According to Newmark research, the full extent of COVID-19’s effects on industrial development has yet to be realized, and the industrial sector is strongly positioned for success during the economic downturn due to the ramp-up of e-commerce.
“The region’s industrial sector has been robust since the onset of COVID-19,” Kruger said. “The growing need to have well-located modern distribution centers has become necessary for brands as they grow to meet the needs of their customers, as a majority of their purchasing habits have now been pushed online.”
Joining Kruger on the deal were Newmark Managing Director Bobby Clements and Associate Erik Evans. CBRE represented the tenant.