NGKF Capital Markets today announced the sale of 6940 San Tomas Road, a fully leased, 143,924-square-foot industrial asset, located in Route 100 Industrial Park in Elkridge, Maryland. The property is fully occupied by Microflex, a leading producer of disposable medical gloves. Built in 1974, the space was sold to Cabot Properties, Inc. from seller, DCT Industrial.
Executive Managing Director Cris Abramson, Senior Managing Director Brian Kruger, and Director Nicholas Signor of NGKF Capital Markets in Baltimore facilitated the sale.
“This deal was a unique opportunity for Cabot to buy into the historically tight Baltimore / Washington Corridor in a severely supply constrained market. The asset is well positioned in the Route 100 Industrial Park with direct access to I-95, Route 100, and the Baltimore/Washington Parkway,” said Abramson.
In early 2017, Baltimore’s industrial market showed strong absorption, declining vacancy and steady average asking rents. The vacancy was 8.6 percent at the end of Q1 2017 compared with 8.8 percent in Q4 2016 and 9.5 percent in Q1 2016.
“When taking into account the 1.4 million square feet of new industrial space that delivered in 2016, this consistent decline in vacancy shows the strength of demand for industrial space in Baltimore,” added Abramson.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world's leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF's 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF's strong foundation makes it one of the most trusted names in commercial real estate. NGKF's full-service platform comprises BGC's real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC's common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive OfficerHoward W. Lutnick. For more information, please visit http://www.bgcpartners.com/.
