EXETER PROPERTY GROUP ACQUIRES 600,000-SF INDUSTRIAL BUILDING

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JESSUP, MD. — Pennsylvania-based Exeter Property Group has acquired a 612,900-square-foot industrial building in Jessup from Washington, D.C.-based Baltimore Land Holdings for $40 million.

The building is located at 7605 Dorsey Run Rd. near Interstate 95 and Routes 32, 175 and 100. The 32-foot clear cross-docked distribution facility is currently 30 percent leased to Iron Mountain who occupies 178,000 square feet.

“We find the Baltimore/Washington International Thurgood Marshall Airport (BWI) industrial corridor to be highly attractive both for the short and longer term,” says Scott Dougherty, Mid-Atlantic region investment officer at Pennsylvania-based Exeter Property Group. “This area has solid demand drivers that include strong population and income growth, increasing Federal procurement spending, and BRAC related jobs. Exeter is able to serve customers with needs from 40,000 to 400,000 square feet in the Baltimore-Washington corridor.”

John Wilhide, Benjamin Meisels, Ed Harris and Mike Roden of CB Richard Ellis’ Baltimore office will handle the leasing of the property.

“With this purchase, Exeter Property Group has a firm foothold in the land-starved Baltimore/Washington industrial corridor,” says John Wilhide, senior vice president at CBRE. “This property is state-of-the-art and offers a strategic location near BWI and major transportation arteries.”

Bruce Strasburg and Benjamin Meisels, also of CB Richard Ellis’ Baltimore office, represented the seller in the transaction.

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