EQT Buys PGIM’s Baltimore Industrial Portfolio for $141M
By Nick Trombola July 3, 2024 1:49 pm
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Forklift operators in Baltimore just got some uplifting news.
A six-facility industrial block in the port city’s northeastern outskirts has traded hands for $140.5 million, according to Business Journals, which first reported the news.
Philadelphia-based investment group EQT Exeter bought the nearly 900,000-square-foot portfolio, which makes up a majority of the available space at the Baltimore Crossroads industrial park in Middle River, Md. The deal is equal to about $156 per square foot. PGIM Real Estate was the seller, according to a source familiar with the deal.
CBRE (CBRE)‘s Bo Cashman and Jonathan Beard brokered the deal for the unnamed seller, with help from the CBRE National Partners group, per Business Journals. The warehouses are at 1405, 1409 and 1411 Tangier Drive, and 11501, 11503 and 11505 Pocomoke Court, and range from about 43,000 to about 436,000 square feet.
Greater Baltimore is a hotbed for industrial activity these days, which data from CBRE makes plain — recent industrial leasing activity is up 28.9 percent compared to this time last year, Cashman said in a statement.
“This most recent sale is one of several deals in Baltimore that underscore investor confidence in the region,” Cashman said. “The area is garnering significant interest from big-box occupiers because of its central location, nearby ports, and high population concentration within 100 miles.”
Representatives for EQT did not immediately respond to a request for comment. Yet the investment firm’s purchase is far from the only deal going down in the area lately — despite the closure of the Francis Scott Key Bridge, a crucial transportation link that partially collapsed March 26 when it was struck by a container ship.
A joint venture between AEW Capital Management and Northpoint Development late last month landed a $78 million refinancing loan from PGIM Real Estate toward a four-building industrial complex at the Wagner’s Point industrial area, just outside the city.
Stoltz Real Estate Partners got in on the action in late April, with its $41 million acquisition of a warehouse in Nottingham, Md., not far from the Baltimore Crossroads industrial park. Knott Realty Group meanwhile began constructing a pair of speculative facilities in late May, with a combined total of 276,000 square feet.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
