Maryland industrial market continues to thrive with latest transaction
Newmark announces a 205,306 square-foot industrial lease signed at The Mid-Atlantic Commerce Center. National retailer TJ Maxx signed a long-term lease to use the space as a distribution center. Newmark’s Senior Managing Director Brian Kruger, Managing Director Bobby Clements and Associate Erik Evans represented the landlord Grandview Partners in the transaction while CBRE represented the tenant.
The Mid-Atlantic Commerce Center serves as an ideal location for the brand. It’s a state-of-the-art industrial asset that offers a significant amount of trailer parking for the tenant and is in the heart of the Baltimore-Washington corridor. The asset was acquired by Grandview Partners in 2020 and is 92% leased. Grandview Partners is led by a skilled team of real estate professionals who have experience acquiring and managing real estate assets in 50+ markets, focusing on middle-market transactions.
“The region’s industrial sector has been robust since the onset of COVID-19,” said Kruger. “The growing need to have well-located modern distribution centers have become necessary for brands as they grow to meet the needs of their customers as a majority of their purchasing habits have now been pushed online.”
According to Newmark Research, the full extent of the COVID-19’s effects on industrial development have yet to be realized; however, the industrial sector is best positioned for success during the economic downturn due to the ramp-up of e-commerce. Since March, there has been a more pronounced shift toward online retail that could further enhance warehouse and distribution space demand.
The Mid-Atlantic Commerce Center is located at 7600 Assateague Drive in Jessup, MD, in the heart of the Baltimore/Washington Corridor. The property spans 853,520 square feet, sits on 47.33 acres and was recently redeveloped to include a new roof, dock doors, electrical system, lighting, heating and 123,000 square feet of new tilt-wall expansion. The site was significantly reconfigured to offer extensive trailer and employee parking and offers tenants excellent access to Route 1, Route 32, and I-95.
