Large 2M-SF Spec Industrial Development Coming to Hagerstown
By Keith Loria October 18, 2022 4:24 pm
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A group of developers led by MCB Real Estate plans to build Currwood Logistics Park, comprising 2 million square feet of industrial and logistics space in Hagerstown, Md.
The development group also includes Invesco Real Estate, Curated Development Group and Birchwood Capital Partners.
The project will consist of two single-story buildings on 195 acres of land; one approximately 1.7 million square feet, and the other around 300,000 square feet. Both are being developed simultaneously on a speculative basis.
“Our team is proceeding with this development program with tremendous confidence, based on the strong fundamentals that exist in the Western Maryland and Washington County region,” P. David Bramble, managing partner and co-founder of MCB Real Estate, said in a statement.
The buildings will feature 36- to 40-foot ceiling heights, while the design will prioritize low operating costs through LED lighting, high-efficiency heating and ventilation systems, enhanced interior insulation and more, according to a statement. Both properties will also boast separate employee and visitor parking fields and 185-foot truck courts intended to move tractor-trailers.
Located at 217 South Edgewood Drive near U.S. Route 40, less than an hour drive from both Baltimore and Washington, D.C., the buildings will be in Washington County, where the greater Hagerstown market currently has a 3.8 percent vacancy rate among all industrial/warehouse product.
“We are extremely optimistic about the leasing prospects for these buildings, based upon the continued strong demand among end-users for last-minute logistics requirements and the relative difficulty in acquiring and entitling shovel-ready sites in the state,” Bramble said.
Major area employers include Amazon, FedEx Ground, Fiserv, Meritus Health Center and Volvo Group Trucks.
The project is expected to be completed in the fall of 2023.
Cushman & Wakefield (CWK) will serve as leasing broker for the buildings, with David Dannenfelser and Tyler Boykin in the Baltimore office and Adam Campbell in the Harrisburg office jointly handling the assignment.
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
Keith Loria can be reached at Kloria@commercialobserver.com.
