$40M Takes Industrial Property in BWI Corridor

JESSUP, MD-A 612,900-sf industrial property here has traded hands for $40 million. Washington, DC-based Baltimore Land Holdings sold the facility to Pennsylvania-based Exeter Property Group. Located at 7605 Dorsey Run Rd., it is one of the largest industrial complexes in the Baltimore Washington Corridor.

CB Richard Ellis’ Bruce Strasburg and Benjamin Meisels represented the seller. CBRE was also given the mandate of leasing the property–John Wilhide, Benjamin Meisels, Ed Harris and Mike Roden at the firm will handle that task. Delivered in 2006 through a JV partially owned by Trammell Crow Co., the tilt up, 32′ clear cross-docked industrial distribution facility today is about 30% occupied by Iron Mountain. Wilhide tells GlobeSt.com that he anticipates the property will be fully occupied, or close to it, by the end of the year. The new owner, “views this acquisition as a long term hold so it is more flexible about breaking up the building for leasing,” he says. Also, recent road improvements enhance the property’s access.

Exeter owns other properties in the submarket and this addition gives it a solid footprint on Dorsey Run Rd., Scott Dougherty, Mid-Atlantic Region Investment Officer at Exeter Property Group, says in a prepared statement. Dougherty did not return a call in time for deadline. “With this acquisition, Exeter is able to serve customers with needs from 40,000 to 400,000 sf in the Baltimore-Washington corridor,” Dougherty says. The company entered the Maryland market in May 2007; Exeter has since grown its portfolio to two million sf.