Newmark today announced the sale of the Philadelphia Road Industrial land, a 24.3 acre industrial site located in White Marsh, Maryland.
Executive Managing Director Cris Abramson, Senior Managing Director Brian Kruger, Director Nicholas Signor, and Associate Ben McCarty of Newmark’s Maryland office facilitated the sale.
“Even with the recent increased cost of capital, demand for industrial development remains strong,” said Kruger. “Located directly off I-95 at the convergence of Route 43, Route 40, and Philadelphia Road, we saw a number of proposed uses from a variety of potential investors.”
The property represents a tremendous opportunity to tap into the growing population of Northern Baltimore County. White Marsh will see additional development across MD-43, as Chesapeake Real Estate Group prepares to develop the former Paragon Outlet site.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”) (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
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