19224 Longmeadow Road is 100% leased to Blind Industries and Services of Maryland
Pessin Katz Law, P.A. (PK Law) represented K&S Capital in the $9.25 million acquisition of 19224 Longmeadow Road, a nearly 297,000 square foot industrial/warehouse building located in Hagerstown, Maryland. Herbert Burgunder III, Member, PK Law represented K&S Capital and the transaction was brokered by Derek Heckman of ReMax Commercial who represented the seller. Financing was arranged by Brendan Harman at MacKenzie Capital and the lender was ACNB Bank. The building is 100% leased by Blind Industries and Services of Maryland.
Contained on approximately 20 acres of land, the single-story building features thirty foot clear ceiling heights throughout one-half of the structure, and twenty foot clear ceiling heights throughout the balance. The project, which has rail access and fifteen loading docks, is within close proximity to Interstate 81 and the Hagerstown Regional Airport. The central business district of downtown Hagerstown is located approximately five miles away.
Blind Industries utilizes the building for the manufacture and distribution of paper products including napkins, facial tissue, paper towels and toilet paper. Established by the Maryland General Assembly in 1908, Blind Industries and Services of Maryland provides diverse employment opportunities for over 600 associates, many of whom are blind or visually impaired, and manufactures more than 700 products at locations in Baltimore, Cumberland, Federalsburg, Hagerstown, Salisbury and Raleigh, North Carolina.
“Pricing for warehouse/industrial product in Hagerstown remains extremely favorable, and we were attracted by the strategic location of the building and the presence of a highly stable tenant that is secured with a long-term lease,” stated Adam Khosh, Principal of K & S Capital, LLC. “This section of the state is becoming increasingly popular to develop large-scale buildings as evidenced by Trammel Crow’s recent announcement to develop a new 1.2 million square foot distribution center, on a speculative basis, nearby. This level of investment will increase the value of all buildings in this product category and demonstrates how national developers perceive this sub-market.”
“This transaction is proof that excellent opportunities still remain for relatively small companies in this marketplace that have the backing of strong financial resources,” stated Herbert Burgunder III, Member, PK Law. “The size of K&S Capital worked to their advantage as the principals were able to seize this opportunity quickly, focus without distraction on the specific deal and respond immediately throughout the transaction process. The company remains motivated to complete deals and their activity will continue throughout the state.”
“This building aligns perfectly with our goal to acquire strategically-located and attractively-priced industrial and warehouse buildings throughout the Maryland region,” Khosh of K &S Capital added. “The price-per-square-foot in Maryland remains below neighboring states and we are actively seeking our next opportunity.”
Founded in 2014 and headquartered in Baltimore, K & S Capital focuses on the acquisition of Class B and C warehouse/industrial buildings located in the Maryland area. The company presently has more than $23 million in assets. For additional information visit www.kandscapital.com.
Pessin Katz Law, P.A. (PK Law) is the ninth largest law firm in the Baltimore area and has been serving clients for thirty years. PK Law maintains full-service offices in Towson, Columbia, and Bel Air and is comprised of more than 50 lawyers, paralegals and law clerks. Practice areas include corporate law, real estate, zoning, education law, estate planning, elder law, labor and employment, litigation, insurance law and medical malpractice defense. For additional information, visit www.PKLaw.com.
