Sales  ·  Commercial

High Street Logistics Acquires Maryland Industrial Portfolio for $68M


High Street Logistics has acquired the Beltway+ Industrial Portfolio, a six-property, 430,118-square-foot industrial portfolio located in the mid-Atlantic, for $67.5 million.

Link Logistics sold the portfolio, which includes a 114,980-square-foot industrial building in Elkridge, Md., at 6695 Business Parkway in the Meadowridge Business Park.

SEE ALSO: Nautilus by Arlo in Miami Beach Sells for $165M, Will Undergo Major Renovation

The other portion of the portfolio comprises five small-bay industrial assets in the Windsor Mill submarket with direct access to I-695. These properties are at 7200 Rutherford Road; 7144-7162 Ambassador Road; 7120-7132 Ambassador Road; 2700 Lord Baltimore Drive; and 7223-7249 Ambassador Road.

The portfolio was 92 percent leased to 26 tenants at the time of the sale, with staggered rollover and rents 25 percent below market value, according to Newmark (NMRK), which represented both sides in the deal. 

“Significant land constraints are creating a supply-demand imbalance, with demand for industrial space greatly outpacing supply,” Ben McCarty, managing director for Newmark, told Commercial Observer. “Market vacancy is around 4 percent, producing a unique environment where owners are able to increase rents by 10 to 20 percent on leases that were signed just a few years prior.” 

He added that there was significant interest in the portfolio and a highly competitive process. 

The Beltway+ Industrial Portfolio benefits from its proximity to the Baltimore Washington International Airport and Port of Baltimore. The buildings offer immediate access to the region’s major transportation arteries: I-95, I-695, I-70, Route 1, and Route 100, providing access to Washington, D.C., Baltimore, Philadelphia and the greater East Coast.  

Link Logistics had purchased the assets as part of a larger portfolio buy in March 2018.

Industrial remains the top-performing property type in the U.S. in terms of total returns and rental growth, according to Newmark Research, with investment volume up 50 percent year-over-year to $33.9 billion during the first quarter of 2022. 

Newmark’s Cristopher Abramson and Nicholas Signor also helped on the deal. The firm’s Brian Kruger, Thomas Hinder and Erik Evans will take over leasing for the project on behalf of the new ownership.   

Keith Loria can be reached at