Baltimore Port Supports Local Industrial

BALTIMORE-Computer Donation Management has signed a new long-term lease for 100,700 square feet of industrial space at 500 North Point Blvd. here. Bob Millhauser and Tim Jackson with Cushman & Wakefield represented the tenant; Justin Mohler with CB Richard Ellis represented the landlord, a private equity firm called Black Equities Group in California.

CDM is moving from its current location at 1607 Wicomico St. in southeast Baltimore to its new building in January. It will fully occupy the space. The firm opted to move because the new building is more efficient in its layout, Millhauser tells GlobeSt.com.

While this particular deal did not represent a net increase in leased industrial space for Baltimore, Millhauser says the city is performing well in this area. “Vacancy rates are under 3% for large industrial users, which is contrary to the market in general.” He attributes that to the Port of Baltimore – which is suffering from the downturn, but due to its enhancements in commodities handling has not seen that great of a decline in traffic. “That is one of the areas in which the Port has specialized in that has turned out to beneficial for the area and kept occupancy rates high.” Asking rates for industrial space on average are under $4 per square foot.

Other recent transactions include a lease for 28,500 square feet, signed by Vend Central, at 3914 Vero Rd. and a 393,440-square-foot lease at 14301 Mattawoman Drive in Brandywine, MD. Michael Elardo and Brian Kruger of Preston Partners, Inc. and Lawrence Shaw of Clarus Properties, Inc. represented the tenant in that deal, specialty retailer hhgregg. Ned Brady and Matthew Laraway with Cushman & Wakefield, represented the landlord, Capital Development Co.