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Real Estate Bisnow
January 9, 2013 
WorkSpaces (Left1) BALT

3 Deals in 3 Days

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Hartz Mountain Industries has acquired a 154k SF warehouse in Marley Neck Industrial Park for $13.5M in a deal announced yesterday. Two other recent deals add up to indicate a healthy metro-area industrial market, but at $87.44/SF, this one proves the value of a household-name tenant and proximity to the port.

Jonathan Beard, John Wilhide, Breahn Deeley, and Bo Cashman

CBRE research released this morning indicates that 2013 Baltimore industrial sales are on course to beat 2012 by 20%. Helping get there is the Marley Neck deal at 1021 Swan Creek Dr, arranged by CBRE's Jonathan Beard and Bo Cashman (flanking colleagues John Wilhide and Breahn Deeley). It was the second Baltimore-area buy for national owner/developer Hartz Mountain. Jonathan attributes the high price/SF to the creditworthiness of incoming tenant Nissan, repped by John, which in August will move from a Prologis property across the street.

Bisnow (PropManage)
1021 Swan Creek Dr in Marley Neck Industrial Park

The property, sold by Swan Creek 5R LLC, will warehouse spare parts for the automaker's dealerships. (Anyone else think this would be an easy building to replicate in sheet cake form?)

511 Chelsea Rd

This week also brought the announcement that Chambers Street Properties (the new incarnation of CB Richard Ellis Realty Trust) bought its second Harford County property in six weeks. It spent $43.2M, or $64.29/SF, on a 672k SF, Class-A warehouse at 511 Chelsea Rd. All of a sudden, the REIT is one of the county's largest industrial owners, Jonathan says. Bob's Discount Furniture, a successful regional retailer that's been expanding from its Connecticut home base, has been the sole tenant since sellers Ryan Commercial, Emory Properties, and Northwestern Mutual built it in '08. (Chambers Street also bought the 800k SF Gateway at Riverside, leased to Procter & Gamble, last month.)

Matt Haas, Park City, Utah, 2012
Creditworthy, big-name tenants provide security for investors for sure, but diverse tenants within a multi-tenant property provide stability, too. Thus, plenty of buyers were biting on a portfolio of Class-B flex buildings, also in Harford, being marketed for Multi Properties by Colliers Baltimore managing director Matt Haas (above, flyfishing outside Park City, Utah, in warmer days). The fish declined to comment for obvious reasons. Totaling 80k SF, the three multi-tenant buildings went for $77.11/SF ($6.2M), almost $13/SF more than the Class-A, single-tenant 511 Chelsea Rd.
2111 Emmorton Park Rd Edgewood

The buyers interested in Edgewood's 2111 Emmorton Park Rd (above) and 2113 Columbia Park Dr and Bel Air's 201 Gateway Dr were local real estate investors like winning bidder Goodier Baker, repped by KLNB's Brad Berzins. Matt tells us the deal continues Goodier Baker's push to diversify into commercial from its homebuilding specialty. Matt and colleague Dave Dannenfelser repped Multi Properties.

Get a Head Start on Affordable Housing
Christine Madigan on Jan. 7, 2013
Enterprise Home's Christine Madigan, who's speaking at our Bisnow Baltimore Affordable Housing Summit on Jan. 16, tells us her company has four projects in Baltimore and is planning for its 2014 and '15 developments. That's just how long funding and entitlement take in the affordable housing biz, she says. Enterprise is using financing from a new program, Maryland Department of Housing & Community Development's Rental Housing Works, for two developments: the 102-unit Greens at Logan Fields seniors housing project and the 90-unit Greens at English Consul seniors apartments in Landsdowne.
Enterprise also delivered the 100-unit Greens at Irvington Mews last month, and residents will begin moving in this month. Also, in the works: renovation of Westminster's 98-unit Locust House Apartments, which Enterprise acquired in November. Sign up for our event to hear more from Christine, Pennrose Properties Ivy Dench-Carter, Urban Atlantic Development's Scott Nordheimer, CohnReznick's Jonette Hahn, Enterprise Community Investment's Steve Smith, Bank of America Merrill Lynch's Priya Jayachandran, and Ballard Spahr's Amy McClain.
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