Chinese E-Bike Manufacturer Metalrays Rolling Into Elkton, Md.
By Keith Loria May 10, 2023 1:21 pmreprints
Metalrays, an electric bike manufacturer, has inked a 109,192-square-foot lease in Elkton, Md., a town on the border with Delaware.
McConnell Development is close to finishing the 263,500-square-foot, single-story industrial building at 1003 Konica Drive in Cecil County, with an expected delivery date this summer.
This is the first lease for the spec development, which is within the Upper Chesapeake Business Park, just a half-hour outside Wilmington.
Metalrays, which will move in when the building is complete, will utilize the building for the storage and U.S. distribution of its full line of electric bike products. The China-based company currently operates a small warehouse space nearby in Delaware.
1003 Konica Drive features 36-foot ceiling heights, 27 loading docks and two drive-in docks with parking for 150 vehicles.
Lee & Associates-Maryland represented the tenant in the deal.
“Metalrays was attracted to this building’s access to three major seaports in Baltimore, Wilmington and Philadelphia, as well as its mid-Atlantic positioning that places it within a one-day truck drive to approximately 50 percent of the United States population, representing one-third of the nation’s effective buying power,” Ned Brady, senior vice president of Lee & Associates, told Commercial Observer in an email.
More than 2 million square feet of industrial/warehouse space was leased in the greater Baltimore metropolitan region in the first quarter of 2023, according to Lee & Associates’ first-quarter real estate report. Additionally, there’s a vacancy rate of 5.3 percent, with more than 14 million square feet of space under construction.
Eric Skogmo of Lee & Associates-Maryland also represented the tenant in the deal, while Michael McConnell of McConnell Development represented the landlord.
Keith Loria can be reached at Kloria@commercialobserver.com