CBRE Investment Management-sponsored fund has acquired a 672,000-square-foot bulk distribution center in Aberdeen, Maryland, 26 miles northeast of Baltimore.
Located at 511 Chelsea Road, the Class A facility is aligned with the firm’s commitment to investing in strategic logistics assets in key industrial markets across the U.S, CBRE IM said.
Originally built in 2008, 511 Chelsea Road is a cross-dock facility that features 32′ clear heights, four points of ingress/egress, 2,000-amp electric service, ESFR sprinkler systems, auto and trailer parking, charging stations, oversized ceiling fans and floor-to-ceiling racking. The building is currently 100 percent leased to a single user.
On behalf of the same fund, CBRE Investment Management also owns three logistics facilities immediately adjacent to the property at 521, 531 and 601 Chelsea Road, which allows the fund to create a best-in-class park setting.
“The logistics sector remains a key focus for our investment strategy. We believe that this particular property offers significant long-term profitability given its location within the greater Baltimore metro area, a market with strong economic fundamentals and robust growth that is expected to outperform the overall U.S. logistics market,” said Larissa Belova, Portfolio Manager for CBRE Investment Management.
511 Chelsea Road offers convenient access to the Port of Baltimore and the I-95 corridor, the major East Coast north/south thoroughfare, a key driver of tenant demand as it places the property within a 90-minute drive of major population centers totaling approximately 15 million people. Nearly one third of the overall U.S. population can be reached within one day’s drive of the property. The location also provides users access to the CSX and Norfolk Southern freight services and the BWI Airport.
