Stoltz Real Estate Partners Buys Warehouse in Baltimore Suburbs for $41M
By Nick Trombola April 4, 2024 5:59 pm
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A nearly 383,000-square-foot industrial warehouse on the outskirts of Baltimore has traded hands for $41 million, or roughly $107 a square foot, according to property records.
An entity affiliated with Pennsylvania-based property management company Stoltz Real Estate Partners purchased the warehouse, located at 10000 Franklin Square Drive, in Nottingham, Md., from an entity affiliated with TA Realty, records show. The building is adjacent to Interstate 95 and about 12 miles northeast of Downtown Baltimore.
About 69 percent of the building, nearly 265,000 square feet, has been leased by Chesapeake Beverage Company since the end of 2016, according to a press announcement at the time. The rest of it is unoccupied, according to marketing materials for the property.
A representative for TA Realty declined to comment, but Stoltz did not immediately respond to a request for comment. Bo Cashman and Jonathan Beard from CBRE (CBRE) National Partners and Toby Mink, Jon Casella, and Bill Pellington from CBRE Baltimore’s North Industrial team represented the seller in the deal. The brokers declined a request for comment.
It’s unclear when the Boston-based TA Realty bought the Maryland property, but the investment firm has been active in the industrial market around the country in recent months. TA Realty bought a Miami-Dade County warehouse for $26.4 million in January, and on the other side of the U.S. sold a five-building complex in Buena Park, Calif., or $71 million in October.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
