Joint Venture Pays $81M for Logistics Center in Aberdeen
By Keith Loria June 5, 2023 4:12 pm
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A joint venture has purchased a newly developed logistics center in Aberdeen, Md., which will be occupied entirely by the Baltimore-based Ace Logistics Services.
MCB Real Estate and Artemis Real Estate Partners partnered with Ace to acquire the 859,900-square-foot Tower Logistics Center for $80.7 million, according to a source close to the deal.
The property will be renamed the Ace Logistics Center and will be utilized by the logistics firm for cargo handling, warehousing and logistical services. Ace operates eight facilities spanning 1.4 million square feet and six outside storage yards, all close to the Port of Baltimore. The new facility, at 1225 South Philadelphia Road, will be its first in Harford County.
The industrial building, built on 98.5 acres, was developed in 2021 by the sellers, Merritt Properties in partnership with BentallGreenOak. It features 189 cross docks, four drive‐in docks and 40-foot warehouse clear height plus 310 trailer parking spaces.
The new center is on the Interstate 95 corridor, one of the fastest-growing bulk warehouse/distribution markets in the mid‐Atlantic, according to MCB, as it offers convenient access to Washington, D.C., Baltimore, Wilmington, Del., and Philadelphia.
“This is an exciting opportunity for MCB to invest in this quality industrial property and to support the expansion of Ace Logistics to Harford County,” Mike Trail, MCB’s chief investment officer, said in a prepared statement. “MCB maintains confidence in this strong logistics project in the I-95 North corridor.”
Benjamin T. Meisels and Peter Hajimihalis of JLL represented the buyers in the deal, while Bo Cashman and Jonathan Beard of CBRE represented the sellers.
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.
