Lee & Associates Maryland, a fully-integrated commercial real estate brokerage and management firm, has brokered the sale of 12100 Baltimore Avenue, a 123,000 square foot warehouse/industrial building located in the Beltsville section of Prince George’s County, Maryland for $15.5 million. Also known as The James A. Cassidy Building, this represents the inaugural acquisition for the buyer, NorthBridge Partners – a commercial real estate and investment company based in Boston -- in the Baltimore-Washington, D.C. industrial marketplace. Steve Weiss, Senior Vice President of Lee & Associates and Tom Whelan, Principal of Lee & Associates represented the seller, K.C. Real Estate Holdings, in this transaction.
Constructed in 1983, the building is 100% leased to tenants that include Ambius, Cheney Flashings and Pella Mid-Atlantic. It features roadside visibility from US Route 1 and is within close proximity to MD Route 200 and Interstate 95. The Baltimore-Washington International Airport is less than 20 miles away and the Port of Baltimore is approximately 25 miles from the site. The structure is equipped with 24 foot ceiling heights and dock and drive-in loading capabilities.
“Given the long-term lease commitments of three stable companies, combined with the excellent condition of the physical plant, this acquisition represented a tremendous opportunity for NorthBridge Partners to break into the local real estate environment,” explained Steve Weiss of Lee & Associates. “NorthBridge achieved this purchase below building replacement value and activity within the local warehouse/industrial market has shown no signs of slowdown based on the continuing real estate requirements of logistics companies and local companies with light manufacturing and warehousing needs.”
Steve Weiss also completed a $14.1 million industrial/warehouse building sale at the end of 2019.
Lee & Associates is a commercial real estate brokerage, management and appraisal services firm. Established in 1979, Lee & Associates has grown its service platform to include offices in the United States and Canada. Lee & Associates provides superior market intelligence in office, industrial, retail, investment and appraisal to meet the specialized needs of our clients. Visit www.leeassociates.com
