GLL Real Estate Partners Acquires 1.1 MSF Industrial Development Near Baltimore for $90M
CURTIS BAY, MD. — Germany-based GLL Real Estate Partners has acquired Brandon Woods III, a two-building industrial development in Curtis Bay, for $90 million. Chesapeake Real Estate Group LLC (CREG) and EverWest Real Estate Investors LLC sold the buildings. The sale also includes two land parcels with the potential for another 250,000 square feet of development.
The two assets span 840,000 square feet at 7550 Perryman Court and 7659 Solley Road, just south of Baltimore near the Patapsco River.
The building at 7550 Perryman Court is considered the largest speculative industrial building ever constructed in Anne Arundel County, according to CREG. Best Buy leased the entire building in summer 2018 and currently employs approximately 300 workers at the facility. The building is used as a warehouse and distribution center for large products, as well as a repair site for major appliances and televisions.
The other building, 7659 Solley Road, is a recently delivered, 340,000-square-foot speculative property. It features a clear height of 36 feet, 87 dock doors, four drive-in doors, a 130-foot truck court and parking for 257 cars and 61 trailers.
CREG was retained to oversee the construction, leasing and management at Brandon Woods III, which should total approximately 1.1 million square feet of space upon full build-out.
Brandon Woods III is located nine miles from the Port of Baltimore and 11 miles from Baltimore-Washington International (BWI) Airport. Constellation Real Estate, the real estate subsidiary of BGE originally developed the larger Brandon Woods Business Park.
“Fueled by the dramatic and unrelenting rise in online shopping, and the subsequent requirement among retail companies for the placement of significant logistics operations near major metropolitan areas, warehouse product is outperforming every real estate asset class nationally,” says Matt Laraway, partner with CREG. “We intend to continue to capitalize on the surging e-commerce demand, as the greater Maryland area remains a strong choice among companies seeking immediate proximity to BWI Airport and the Port of Baltimore, as well as highway systems that provide one-day access to the entire Mid-Atlantic seaboard.”
Headquartered in Hanover, Maryland, CREG is a commercial real estate operating company that focuses on development, leasing, property management and brokerage services. The firm currently has more than 2 million square feet of industrial projects planned or under construction in the Mid-Atlantic region and over 3 million square feet under management.
Denver-based EverWest, a wholly owned subsidiary of GWL Realty Advisors, is a real estate investment and operating company that focuses on capital appreciation, strategic acquisition, development, capitalization, repositioning and management of commercial real estate assets.
GLL is the real estate equity investment platform for Macquarie Infrastructure and Real Assets, a division of the Macquarie Group. The real estate fund manager and investment advisor operates 17 offices across the U.S., Europe, Asia and Australia. The group currently manages $8.4 billion, including more than $4 billion in the United States.
— Kristin Hiller