MCB and Partners Ink 1.2M SF Warehouse Lease
A strategic partnership, led by an affiliate of MCB Real Estate has executed a 1.2 million square foot lease with The Webstaurant Store, LLC of Lancaster, PA. The newly completed Currwood Logistics Center in Hagerstown, MD, positioned minutes from the intersection of I-70 and I-81, is set to serve as the cornerstone of WebstaurantStore’s northeast distribution network.
Clark Associates, with roots dating back to the 1970’s, expanded its presence with The Restaurant Store in 1993, and introduced WebstaurantStore in 2004, offering online sales and international distribution of over 420,000 food service, janitorial, and industrial products. The state-of-the-art Currwood Hagerstown location will play a pivotal role complementing over 20 distribution centers across the United States, strengthening WebstaurantStore’s capacity to achieve two-day shipping to 96 percent of the country. WebstaurantStore is planning to invest millions of dollars in material handling and automated storage and retrieval systems at Currwood.
Currwood Logistics Center, is a recently completed Class A business park located in Hagerstown, Maryland with over 1.5 million square feet of industrial, warehouse and logistics space. Currwood Logistics Center is located at the terminus of the newly constructed Paul Smith Boulevard, designed for seamless flow of truck traffic from US Route 40 and Interstate Route 70 in Washington County. Global real estate investment manager Invesco Real Estate, Curated Development Group, Birchwood Capital Partners and Artemis Real Estate Partners are among the additional real estate entities actively engaged in this joint venture. At full capacity, Currwood Logistics Center is expected to yield over 700 new jobs to be created by companies like WebstaurantStore.
“We conceived, designed and built this development with the goal of attracting top-tier, innovative businesses like WebstaurantStore. Our team committed to this speculative venture with tremendous confidence, envisioning a thriving hub that would create new jobs and drive economic growth. The results – a behemoth of a deal that fulfills our vision while delivering substantial value to the region and to our investors.” affirms P. David Bramble, Managing Partner and Co-Founder of MCB Real Estate, LLC.
“This state-of-the-art Distribution Center marks continued growth for our company, bringing our total number of facilities in Maryland to four.”, remarks Caleb Clugston, Vice President of Automation and Expansion of WebstaurantStore. He continues, “Our Hagerstown facility is not just our largest – it will also be among our most advanced. We’re committed to pushing the boundaries of automation, ensuring seamless operations, and rapid order fulfillment for our customers. We are pleased to announce our partnership with MCB Real Estate to bring the project to life.”
“We are excited to welcome WebstaurantStore to Hagerstown as home for their new state-of-the-art facility,” said City of Hagerstown Mayor Tekesha Martinez. “The city appreciates the collaboration of MCB Real Estate, its strategic partners, and WebstaurantStore that will significantly benefit Hagerstown, Washington County, Maryland, and the surrounding region. Their investment signals additional growth of our economy and workforce which proves Hagerstown is good ground to live, work, and do business.”
Cushman & Wakefield represented MCB and its partners in this deal while Newmark represented WebstaurantStore.
Joint Venture Company Information
Founded in 2007, MCB Real Estate is a community-centric, privately-held institutional investment management firm headquartered in Baltimore, Maryland. MCB boasts a nationwide portfolio of $3 Billion Assets Under Management totaling approximately 14.5 million SF. of industrial, office, retail, mixed-use, multi-family and life sciences properties with almost 4 million SF. in its development pipeline. The firm offers a seamlessly integrated suite of commercial real estate investment services, including development, construction, property management, asset management, acquisitions, and legal expertise, thus ensuring comprehensive support throughout every stage of an asset’s lifecycle. www.mcbrealestate.com
Invesco Real Estate is a global leader in the real estate investment management business with $89.9 billion in real estate assets under management, 577 employees and 21 regional offices across the U.S., Europe and Asia (as of June 30, 2022). Invesco Real Estate was established in 1983 and today invests across the risk return spectrum, from core to opportunistic; in equity and debt; listed and direct; locally and globally. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ.
Based in Baltimore, Curated Development Group is a privately-owned commercial real estate developer, owner and investor focused on commercial and residential raw land and acquiring existing value-add and opportunistic asset types. Curated Development Group was founded by Harris Lopato in 2017.
Birchwood Capital Partners is a commercial real estate investment and advisory firm headquartered in Baltimore, with a focus on Mid-Atlantic and Southeastern markets. With two distinct divisions, Birchwood Finance and Birchwood Investments, its team provides debt and equity solutions, as well as guidance in evaluating investment opportunities. The group was founded by David Strouse in 2010.
Artemis Real Estate Partners is an investment manager based in metropolitan Washington, DC, with offices in New York City, Los Angeles and Atlanta. Artemis has raised $10+ billion of capital across core, core plus, value-add and opportunistic strategies. The firm makes equity and debt investments in real estate across the United States, with a focus on multifamily, industrial, office, retail, hospitality, senior housing and medical office. Artemis specializes in joint venture partnerships and direct investments.