JLL Arranges Sale of 70-Acre Industrial Development Site in Hagerstown, Maryland
HAGERSTOWN, MD. — JLL has arranged the sale of a 70-acre industrial development site that is located at the intersection of Interstates 81 and 70 in Hagerstown, near the Pennsylvania and West Virginia borders. JLL worked on behalf of the seller, Washco Management. Penzance, a real estate investment firm in the greater Washington, D.C., metropolitan area, purchased the fully entitled site.
Additionally, JLL has been engaged to source construction financing and lease the property on behalf of the developer, which will begin construction of an 825,000-square-foot Class A distribution building on the site this spring.
The property is part of the I-81 Corridor Industrial market, which encompasses Berkeley County, W.Va.; Frederick and Winchester Counties in Virginia; and Washington County, Md. The site is close to four major seaports on the East Coast and will have auto and trailer parking upon completion.
The JLL Capital Markets Investment Advisory team representing the seller included Jay Wellschlager, Bruce Strasburg, Craig Childs and Elizabeth Runge. Dave Dannenfelser and Tyler Boykin of JLL provided local market expertise, and Michael Moorehead of JLL provided guidance on site and development costs.
Rob Carey, Susan Carras and Paul Spellman of JLL’s debt placement team is arranging financing on behalf of the developer.