Newmark announces the $21,100,000 sale of Last-Mile @ BWI located at 1200 Stoney Run Road, Hanover, MD. The industrial-zoned land is 100% leased and was sold from HLNP, LLC to NorthBridge Partners, with Newmark acting as the sole broker on the transaction. Newmark’s Executive Managing Director Cris Abramson, Senior Managing Director Brian Kruger, and Directors Ben McCarty and Nicholas Signor facilitated the sale.
The transaction offers the new owners an investment-grade tenant on a long-term lease with significant future industrial development potential. Last Mile @ BWI sits on 13.61 acres of W-1 zoned land; the property offers the potential to build Class A industrial product in the Baltimore-Washington Corridor, one of the nation’s premier industrial markets.
“We’ve seen tremendous growth in the industrial sector over the past 18 months, including the addition of niche industrial asset classes,” said Abramson. “The attention from the institutional investment community in industrial outdoor storage is palpable, and we see new investors enter the market weekly.”
Industrial outdoor storage (IOS) refers to properties that provide uncovered ground to support industrial users. The most common IOS sites range from 3-20 acres, with less than 25% of land occupied by buildings. Unlike traditional warehouse product and distribution centers which have a steadily expanding supply, there are nominal supply increases across the country for IOS sites.
Last Mile @ BWI sits on a 13.61-acre lot with about nine acres of paved parking and storage spaces. The asset is directly adjacent to Baltimore-Washington International Airport and is fully leased. The property is in the Baltimore Commons Industrial Park, one of the Mid-Atlantic’s oldest and most established industrial parks, comprised of 34 assets totaling 4.1M square feet of primarily industrial product. It operates at 95% occupancy and is less than a 30-minute truck drive to Washington, DC and downtown Baltimore and is 20 minutes from the Port of Baltimore.
The greater Baltimore-Washington industrial market consists of 198M square feet of industrial product stretching across nine submarkets. Despite the pandemic, the area’s industrial market continued to excel, improving to 95% occupancy across the region. The Baltimore-Washington Corridor is one of the most sought-after industrial markets among institutions.
