Real estate investment manager RREEF has purchased a three-building industrial portfolio in Columbia for $125 million and is marketing the warehouse and distribution space to national and local companies, the buyer said yesterday.
RREEF, a division of DB Real Estate, the real estate investment management group of Deutsche Asset Management, bought the buildings in Gateway Commerce Center at Route 175 and Interstate 95 from INVESCO PLC, the company said. RREEF manages $40.5 billion in pension fund real estate investments for more than 480 corporate, public and international clients.
The properties, on 164 acres, include a 960,000-square-foot building at 8901 Snowden River Parkway, a 700,000-square-foot building at 8700 Robert Fulton Drive and a nearly 258,000-square-foot building at 6751 Alexander Bell Drive. Tenants include a Sears distribution center, Revlon, Time Critical Freight and Jack and Jill's Ice Cream. The largest building is occupied by Sears, which has a lease through March, said Ed Harris, a first vice president at CB Richard Ellis, leasing agent for the property.
About 460,000 square feet are currently available for lease or will be available shortly, Harris said.
The buildings should attract companies seeking proximity to major highways and a location between Washington and Baltimore and near Baltimore-Washington International Thurgood Marshall Airport and the port of Baltimore, such as retailers seeking support warehousing, he said.
Hamilton E. Loving, a district manager for RREEF, said the properties were a good investment because of their location between the two markets. He said the Snowden River Parkway building is the only warehouse/distribution center of its size between the beltways of the two cities.
"You can't get 1 million square feet in the I-95 corridor between Baltimore and Washington," Harris said.
RREEF plans improvements to the buildings and parking lots, Loving said.