An Iowa-based real estate investment group has closed on a 352,850-square-foot Anne Arundel County warehouse occupied by Under Armour.
The building, located at 7629 Gambrills Cove Road and known as Brandon Woods II, fetched $26.475 million from buyer Principal Real Estate Investors, according to a news release from real estate services firm CBRE, which arranged the sale. The last arms-length sale of the property occurred in 2000, when the property sold for $20.5 million.
“The Under Armour tenancy, Class A quality of the building, and proximity to the Port of Baltimore combined to make this asset a highly desirable offering for the Baltimore-Washington Corridor market. Merritt Properties added value throughout their hold period and Principal Real Estate Investors will continue to benefit as they take ownership,” Robert T. Cashman, a senior vice president for the CBRE Institutional Properties Group said in a statement.
Principal Real Estate Investors is a unit of The Principal Financial Group, which has 14,800 employees world wide. The seller was Baltimore-based Merritt Properties.
The industrial sector has been the strongest part of the Baltimore-area commercial real estate market. Vacancy rates at the end of March were down 1.1 percent year-over-year, while rents were up 4.3 percent, according to a Cushman & Wakefield market analysis.
Earlier this month, Old Fairfield Properties LLC purchased a 24,000-square-foot Curtis Bay warehouse for $1.5 million
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