Gaulin Properties Acquires Elkridge Industrial Site in $12M Deal
By Keith Loria December 21, 2021 6:01 pm
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Gaulin Properties has acquired an industrial property at 7167-7175 Kit Kat Road in Elkridge, Md., for $11.5 million.
The property consists of a 49,000-square-foot industrial building and a 2.62-acre industrial outdoor storage facility.
Colliers (CIGI) represented the seller in the deal.
Originally developed in 2005 as a build-to-suit for Waste Management, the building is 100 percent leased to that same tenant today.
“The property is a highly functional industrial building in a core location within the Baltimore-Washington industrial corridor, with strong cash flow from an investment-grade credit tenant — Waste Management — and a new 2.62 industrial outdoor storage area with leasing upside potential,” Michael Blunt, executive vice president of Colliers who brokered the deal, told Commercial Observer.
The seller owned the property for more than 15 years and believed it was an opportune time to sell given the currently strong market conditions and the tenant’s recent decision to exercise a lease renewal, Blunt said.
The seller had recently invested significant capital into improvements such as fencing, retaining walls, driveways, lights, stone and stormwater management.
The property is located just 40 minutes outside of Washington, D.C., making it attractive to tenants looking for space in the booming Baltimore-Washington industrial sector.
“We saw significant interest and we received multiple offers,” Blunt said. “With historically low vacancy rates as well as unprecedented rental rate growth and capital demand for industrial, the industrial market looks to continue to be extremely strong into 2022.”
Joining Blunt on the deal were Colliers team members Clay Ellis, Tom Gentner, Brian Watts, Brian Siegel and Jason Sullivan.
Keith Loria can be reached at Kloria@commercialobserver.com.
