November 19, 2020
BALTIMORE, MD (November 19, 2020) A joint venture between affiliates of MCB Real Estate and Artemis Real Estate Partners has acquired an 890,000 square foot distribution center located at 601 Chelsea Road, Aberdeen, Maryland for $65,000,000.
This modern Class A facility has ample loading and trailer storage with room for expansion of the building by approximately 300,000. Positioned less than 6 miles from I-95 and 3 miles from I-40, the property is occupied by a subsidiary of Rite Aid – the third largest drugstore chain in the United States. This facility serves as a warehouse and distribution hub for over 1,200 Rite Aid Pharmacy locations throughout the North East.
“MCB is very pleased to continue its partnership with Artemis through this off-market acquisition,” noted Michael Trail, who leads acquisitions for MCB Real Estate.
“We are proud to add a Class A warehouse with excess land in the Mid-Atlantic to our growing national portfolio. MCB identified a great opportunity at the height of the covid-19 pandemic that is consistent with our goals to expand our presence within the distribution and ecommerce sectors” added Michael Vu, a principal with Artemis Real Estate.
This acquisition marks the 2nd industrial acquisition in Harford County, by the joint venture, bringing the Harford County portfolio to 1.5 million square feet.
Bill Shrader and John Van Buskirk of Lee & Associates acted as Buyside Advisors and Michael Katz of REF Advisory INC of Naples, FL served as sale-leaseback advisor to the Seller.