January 14, 2022 12:00 PM
Newmark announces it has completed the sale of 8215 and 8220 Wellmoor Court, two 100% leased industrial warehouse buildings totaling 191,700 square feet and located in the coveted Baltimore Washington Industrial Park in Jessup, Maryland. The assets traded in an off-market transaction for $30 million.
Newmark Executive Managing Director Christopher Abramson, Senior Managing Director Brian Kruger, Managing Directors Ben McCarty and Nicholas Signor, and Associate Erik Evans represented both the seller, Spector Family LLC—a private family office, and the buyer, Berkley Partners—an investment firm focused on light industrial real estate. The Newmark team has a long-standing relationship with Berkley Partners.
“This transaction offered the rare opportunity to purchase two of the last non-institutionally owned assets in the Baltimore Washington Industrial Park,” said McCarty. “With double-digit year-over-year rent growth and nominal land available for future development, the Baltimore-Washington Corridor continues to tighten and attract new institutional capital sources.”
8215 Wellmoor Court is a 79,600-square-foot warehouse/distribution building situated on 6 acres of land. Building features include approximately 2,000 square feet of office space, 28-foot clear height, six dock-high loading doors and an ESFR sprinkler system. 8220 Wellmoor Court is a high-quality, 112,150-square-foot warehouse building situated on 10.42 acres of land. Property features include 25-foot clear height, 20 external loading doors, 60 surface parking spaces and a fenced lot. Both assets were fully leased at the time of sale.
According to Newmark Research, national industrial capital markets activity for the 12 months ending third-quarter 2021 measured $128 billion, just shy of matching the height of pre-pandemic trade volume set in first-quarter 2020. New entrants continue to flow into the investor pool, attracted by the sector’s impressive fundamentals, and market participants note multiple strong offers on every deal.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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