845,000-SF Industrial Building Sells for $16M

HAMPSTEAD, MD-In a $16.2-million transaction, Washington, DC’s BTR Capital Group has acquired 626 Hanover Pike, an 845,000-sf industrial facility. Boston-based partnership AG/GFI Hampstead Inc. sold the building and the 150-acre parcel it occupies.

Bo Cashman, Bill Pellington and Ketch Secor of CB Richard Ellis represented the seller. The property was last on the market in 1999 when it was snapped up for $2.7 million.

Developed in 1952, 626 Hanover is located in Carroll County near the Baltimore County border and just 20 miles outside Baltimore. “The strong Baltimore industrial market with less than 10% vacancy coupled with the dearth of land and stressed infrastructure within competing markets and a strong roster of tenants made 626 Hanover Pike an extremely desirable property,” Cashman says. Building occupants include food and facilities management services provider Aramark, power tool and household product manufacturer Black & Decker, and men’s apparel retailer Jos. A. Bank Clothiers, which leased 289,000 sf in the fourth quarter of last year to complement its neighboring Hampstead headquarters.