CBRE Global Investors managed fund has acquired a 1,347,800-square-foot industrial portfolio in Aberdeen, Maryland. The purchase price was not disclosed.
Located 40 minutes northeast of Baltimore, 521 and 531 Chelsea Road are bulk warehouse/distribution buildings that are each currently 100 percent leased.
521 Chelsea Road spans 692,000 square feet and was completed in 2012, while 531 Chelsea Road spans 655,800 square feet and was completed in 2014.
Both properties are LEED Silver Certified and feature 40’ clear heights, 50’ x 50’ column spacing and include ample truck and car parking.
“The Chelsea Road portfolio assets have been recently improved to cater to today’s modern bulk warehouse user,” said James Munsell, Commercial Acquisitions for CBRE Global Investors. “The new features, like truck court depths of 165’, large column spacing with 60’ speed bays, and a cross-dock configuration, are required items on distribution users’ checklists, and we believe that the demand for these types of features in industrial assets will continue to increase among users in this area.”
“Situated just off of I-95, 521 and 531 Chelsea Road are well-located and provide users access to a population of 15 million within a 90-minute drive, with the ability to reach one third of the U.S. population within a one-day drive,” added Kim Hourihan, Portfolio Manager and CIO, Americas Direct Real Estate for CBRE Global Investors. “In addition to both a deep labor pool and consumer population, the location is near the Port of Baltimore, CSX and Norfolk Southern freight services, and BWI Airport.”
The seller was represented by CBRE’s National Partners team of Bo Cashman and Jonathan Beard.