CBRE Global Investors, through one of its sponsored funds, has acquired an 889,608-square-foot bulk logistics property in Aberdeen, Maryland.
Fund now owns 2.24 million square feet of logistics space in Harford/Cecil County Submarket, said CBRE Global Investors.
The logistics property, located at 601 Chelsea Road, is situated 40 minutes northeast of Baltimore, Md. and is 100 percent leased to Rite Aid of Maryland, Inc.
601 Chelsea Road sits on 126 acres and features 36’–38′ clear height, 55′ x 52′ column spacing, a power capacity of 12,000 amps 277/480-volt, 80,000 square feet of temperature-controlled space, ESFR sprinklers, 128 dock doors, two drive-in doors, 248 trailer parking spaces, and 893 auto parking spaces.
“We believe that the site at 601 Chelsea Road is ideal for today’s modern bulk user, providing access to Baltimore’s deep-water port and connectivity to strategic markets along the I-95 corridor. Additionally, the low site coverage allows for future flexibility to provide additional trailer and auto parking or expand the facility by 300,000 square feet,” said James Munsell, Director of Commercial Acquisitions for CBRE Global Investors. “Since acquiring a 1.35-million-square-foot industrial portfolio across the road earlier this year, our team has continued to see strong demand for bulk warehouse space and the addition of 601 Chelsea Road will create synergies with our existing portfolio.”
601 Chelsea Road is in Maryland’s Harford/Cecil County submarket, which is the largest in the MSA. This location provides 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. In addition to both a deep labor pool and consumers population, the location provides users access to the Port of Baltimore, CSX and Norfolk Southern freight services, and the BWI Airport.