A vacant warehouse in Halethorpe recently sold for $13.4 million.
The O’Donnell Group acquired the 313,000-square-foot building from Federal Capital Partners, which bought it in 2014 for $11.5 million.
The sale, announced Friday by Cushman & Wakefield, which represented the Bethesda-based seller, closed on Dec. 20.
Located at 2209 Sulphur Spring Road, just inside the Baltimore Beltway, the distribution center-sytle building was built in 1960 and used for years by appliance maker Proctor-Silex.
“The sale of 2209 Sulphur Spring Road shows the attractive fundamentals of the Baltimore Industrial Market for national buyers,” said Graham Savage, director for Cushman & Wakefield’s Baltimore Capital Markets team. “With value-add industrial opportunities in this market extremely few and far between, the sale of this property shows that Baltimore is a sought after industrial location for national buyers.”
Graham said the buyer plans to retrofit the vacant building with more loading dock doors and lease it back up. The O’Donnell Group, headquartered in Newport Beach, Calif., is an investor and developer of industrial and office properties nationwide.
The total property spans 17.3 acres, according to state property records. The state valued the warehouse property at $11.4 million for tax purposes.