December 22, 2020
Baltimore, MD — Newmark and MCB Real Estate announce the sale of 277,165-square-foot industrial asset 1301 Edison Highway in Baltimore, MD for $16,600,000. Newmark was the broker on the transaction between the seller, a joint venture between affiliates of MCB Real Estate and CenterSquare Investment Management, and the buyer, Glen Una Management. The sale transaction was facilitated by Newmark’s Executive Managing Director Cris Abramson, Director Nick Signor, and Associate Director Ben McCarty.
The buyer, Glen Una, is a privately held real estate investment and management group that works with multifamily, retail and industrial assets. Glen Una Management currently owns and operates more than 8.8 million square feet of commercial space in cities throughout the United States. This latest transaction marks the firm’s first entry into the Baltimore market.
“1301 Edison Highway offers a unique opportunity to own in-fill industrial product well below replacement cost,” said Abramson of Newmark. “The Port of Baltimore continues to strengthen this region and makes this transaction a stable, long-term investment for the new owner’s first foray into the market.”
1301 Edison Highway is a fully-leased, 277,165-square-foot industrial asset located three miles from the Port of Baltimore. The property’s versatility with 44 docks on four sides, a cold storage component, outdoor storage space and its location allows for various tenant uses that include cold storage, manufacturing, storage and distribution. The tenants at 1301 Edison Highway include Imports Sterilization, Inc., Webstaurant Store, Wild Leaf Packaging and 7-Eleven.
“With its proximity to major interstates, thoroughfares and the Port of Baltimore, the property has become a very sought-after location,” says Mike Trail, Vice President at MCB Real Estate. “Taking this asset from 100% vacant to fully leased was a large but satisfying task for MCB Real Estate, and we are always happy to see our business plans come to fruition.”
The tenant base at the property is served by the Port of Baltimore, which handled a record 43 million tons of cargo in 2018 and is ranked ninth among all U.S. ports. The widening of the Panama Canal was vital in the uptick in cargo, as the port is one of only four East Coast ports capable of handling “Post-Panamax” ships. The Port of Baltimore is also the furthest inland Atlantic port, making it the closest port to major Midwestern manufacturing centers.
1301 Edison Highway is part of the greater Baltimore industrial market that consists of 189.9 million square feet of industrial product and stretches across nine submarkets. The current regional industrial market is experiencing a significant acceleration of absorption and declining vacancy rates. The asset offers tenants immediate access to I-95, I-895 and I-695, providing easier transportation of goods to the entire Mid-Atlantic region.