Harford Industrial Property Changes Hands in $13M Deal

HARFORD COUNTY, MD-The 317,000-sf Harford Distribution Center has gotten a new owner through a $12.8 transaction between seller Principal Life Insurance Co. of Iowa, and buyer Berwind Property Group Ltd. Berwind Property was acting on behalf of the $384 million, Berwind-sponsored BPG Investment Partnership VI private equity fund.

“Harford Distribution Center is a high-quality asset that is well positioned in a desirable and growing submarket,” says Berwind Property senior vice president Roy Perry. “We believe this acquisition will make an excellent addition to our portfolio and provides us an opportunity to create value through proactive leasing and management.”

Located at 4622 Mercedes Dr. within the Riverside Business Park, Harford County’s largest business/industrial park, Harford Distribution Center is a state-of-the-art industrial facility that was developed in 1996 on a 15 acre parcel of land. The property, which is currently leased to maximum capacity, has a 2003 assessed value of nearly $11 million.