Newmark and MCB Real Estate announce the sale of 277,165-square-foot industrial asset 1301 Edison Highway in Baltimore, MD for $16,600,000. Newmark was the broker on the transaction between the seller, a joint venture between affiliates of MCB Real Estate and CenterSquare Investment Management, and the buyer, Glen Una Management. The sale transaction was facilitated by Newmark’s Executive Managing Director Cris Abramson, Director Nick Signor, and Associate Director Ben McCarty.
The buyer, Glen Una, is a privately held real estate investment and management group that works with multifamily, retail and industrial assets. Glen Una Management currently owns and operates more than 8.8 million square feet of commercial space in cities throughout the United States. This latest transaction marks the firm’s first entry into the Baltimore market.
“1301 Edison Highway offers a unique opportunity to own in-fill industrial product well below replacement cost,” said Abramson of Newmark. “The Port of Baltimore continues to strengthen this region and makes this transaction a stable, long-term investment for the new owner’s first foray into the market.”
1301 Edison Highway is a fully-leased, 277,165-square-foot industrial asset located three miles from the Port of Baltimore. The property’s versatility with 44 docks on four sides, a cold storage component, outdoor storage space and its location allows for various tenant uses that include cold storage, manufacturing, storage and distribution. The tenants at 1301 Edison Highway include Imports Sterilization, Inc., Webstaurant Store, Wild Leaf Packaging and 7-Eleven.
“With its proximity to major interstates, thoroughfares and the Port of Baltimore, the property has become a very sought-after location,” says Mike Trail, Vice President at MCB Real Estate. “Taking this asset from 100% vacant to fully leased was a large but satisfying task for MCB Real Estate, and we are always happy to see our business plans come to fruition.”
The tenant base at the property is served by the Port of Baltimore, which handled a record 43 million tons of cargo in 2018 and is ranked ninth among all U.S. ports. The widening of the Panama Canal was vital in the uptick in cargo, as the port is one of only four East Coast ports capable of handling “Post-Panamax” ships. The Port of Baltimore is also the furthest inland Atlantic port, making it the closest port to major Midwestern manufacturing centers.
1301 Edison Highway is part of the greater Baltimore industrial market that consists of 189.9 million square feet of industrial product and stretches across nine submarkets. The current regional industrial market is experiencing a significant acceleration of absorption and declining vacancy rates. The asset offers tenants immediate access to I-95, I-895 and I-695, providing easier transportation of goods to the entire Mid-Atlantic region.
About Newmark (Nasdaq: NMRK)
Newmark Group, Inc., together with its subsidiaries, is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
About MCB Real Estate
MCB Real Estate, headquartered in Baltimore, Maryland, is a privately-held, institutionally capitalized commercial real estate development and investment firm. Active primarily along the I95 corridor, the company owns and operates approximately nine million square feet of industrial, retail, office and mixed-use projects and has approximately 2 million square feet in its development pipeline. For additional information visit www.mcbrealestate.com.
About CenterSquare Investment Management
Founded in 1987, CenterSquare Investment Management is a global investment manager focused on listed real estate, private equity real estate, private real estate debt and listed infrastructure investments, accessed via U.S.-only and global strategies. As specialists in real assets, CenterSquare executes investment strategies designed to enhance the performance and resiliency of its clients’ investment portfolios. Center Square’s management team holds an average of 30+ years of experience, with expertise across real assets and the liquidity spectrum. CenterSquare is proudly management-owned and is headquartered in Philadelphia with affiliate offices in New York, Los Angeles, London and Singapore. As of September 30, 2020 CenterSquare manages approximately $11 billion in assets on behalf of some of the world's most well-known institutional and private investors.
