Jessup warehouse sells for $11.5 million to Class Produce Group

The Class Produce Group acquired the warehouse it occupies in Jessup for $11.5 million in late December.

The sale was announced Wednesday by Lee & Associates Maryland, the real estate firm that represented both the buyer and the seller in the deal.

The 135,000-square-foot building at 8441 Dorsey Run Road was owned by Terreno Realty Corp., a San Francisco-based real estate investment trust that acquired the asset in 2011 for $5.8 million.

The Class Produce Group is a family-owned wholesaler of fruits and vegetables to grocery chains. Founded in 1936 in a stall at the Baltimore Marsh Market, the company now distributes produce throughout the Mid-Atlantic region.

Allan Riorda, president and principal of Lee & Associates Maryland, brokered the sale.

In a statement, he said the substantial return earned by Terreno on their investment reflects the continued health of the Baltimore-Washington, D.C. market and high demand for industrial-style real estate.

“The new owner acquired a strategically-located and highly-functional asset that is perfectly suited to support their real estate requirements in the long-term,” Riorda said.

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