Buligo Capital Secures Two New Tenants for Central Maryland Warehouse
By Nick Trombola June 10, 2024 12:39 pm
reprints
A new pair of leases has brought a nearly 70,000-square-foot warehouse in Maryland’s Baltimore-Washington corridor to full occupancy.
Latin grocery store Chale Chile Galindo and custom packaging company Lids & Jars each signed for 6,300 square feet at 8919 McGaw Court in Columbia, Md. Lee & Associates’ Kate Jordan, Marley Welsh and Samantha Eckels represented building owner Buligo Capital in both deals. Further details of the leases were not immediately disclosed.
“Both companies had very specific real estate requirements with tight deadlines, and we were able to present 8919 McGaw Court and conclude these transactions in record time,” Jordan said in a statement. “Part of the speed can be attributed to the scarcity of this asset class in the Baltimore-Washington corridor area. But, more importantly, we were negotiating with three highly motivated parties that all shared a common goal of getting the deals to the finish line.”
The industrial market in Greater Baltimore has declined over the past few years, with vacancy rates increasing in the first quarter of this year to 8.39 percent compared to 8.18 percent at the end of last year, according to a Lee & Associates market report. The amount of new space under construction was also down nearly 600,000 square feet quarter over quarter as developers search for tenants.
The vacancy rate for industrial buildings in Howard County, Md., which 8919 McGaw Court is located, was 7.4 percent last quarter, per Lee & Associates.
Still, some decent industrial deals in central Maryland are coming through. Real estate investment firm DSC Partners and Harbert Management earlier this month paid $86.4 million for a 17-property, 785,000-square-foot office-industrial property in Lanham, Md., some 13 miles east of Downtown Washington, D.C.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
