CBRE Investment Management, through one of its sponsored funds, has acquired a 716,490-square-foot bulk logistics asset known as North East Gateway. The purchase price was not disclosed.
Located at 200 Gateway Drive in North East, Md., North East Gateway is a Class A facility that was developed by Trammell Crow Company and delivered to the market in 2020.
North East Gateway is a cross-dock facility that features 40′ clear heights, two points of ingress/egress, 6,000-amp electric service, ESFR sprinklers, LED lighting fixtures, and ample auto and trailer parking. The building is currently 100 percent leased to a single user.
“We believe that the property’s location within the I-95 North submarket benefits from strong market fundamentals, access to quality labor, and the rising costs in construction, which are driving up rental rates in the area,” said Larissa Belova, Portfolio Manager for CBRE Investment Management.
CBRE Investment Management, formerly known as CBRE Global Investors, recently acquired an 889,608-square-foot bulk logistics asset in Aberdeen, Maryland.
North East Gateway is situated 1.5 miles from I-95, the major north/south thoroughfare of the East Coast. The MSAs of Baltimore (located 40 miles south) and Philadelphia (located 60 miles north), which total approximately 10 million people, can both be accessed within one hour’s drive. Two round trips per day can be made to service the New York, New Jersey and Philadelphia markets. The location also provides users access to the Port of Baltimore, CSX and Norfolk Southern freight services, and the BWI Airport.
