Fundrise Closes $34M Acquisition of Maryland Last-Mile Logistics Facility
By Andrew Coen June 18, 2021 2:17 pm
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Investment firm Fundrise has acquired a roughly 204,000-square-foot industrial asset in the Baltimore-Washington, D.C., corridor from Angelo Gordon & Co. and High Street Logistics Properties, Commercial Observer has learned.
Jonathan Beard and Bo Cashman of CBRE (CBRE) National Partners Northeast acted as exclusive advisor, representing High Street and Angelo Gordon in the sale. The purchase price of the last-mile logistics facility at 7980 Tarbay Drive in Jessup, Md., was $34.2 million in an all-cash transaction, according to regulatory filings.
Located around 15 miles southwest from Baltimore and 25 miles from Washington, the property features a newly renovated warehouse on a nearly 10-acre parcel. It is fully leased to World Depot.
Ben Miller, co-founder and CEO of Fundrise, said that the acquisition underscores its commitment to expand more into the industrial market, citing growing demand for e-commerce from changing consumer habits. Miller said the transaction represents the start of a $5 billion industrial strategy over the next couple of years.
“The underlying growth drivers of technology, internet and e-commerce show really good, long-term growth; and when you look at the supply side, most cities are losing industrial land,” Miller said. “There is diminishing supply and strong macro demand drivers.”
Founded in 2012 as a crowdfunding investor, Fundrise has transacted more than $5.7 billion worth of real estate, and currently manages around $1.5 billion in equity for more than 150,000 active investors. The firm pivoted in 2015 from its crowdfunding roots to be known as a real estate investment platform.
CBRE and High Street Logistics Properties did not immediately respond for comment on the deal. Angelo Gordon officials declined to comment.
