WAREHOUSES SNAP BACK
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|Yesterday, Cassidy Turley's Jon Carpenter (left, with MCB Real Estate's David Bramble) told us High Street Equity Advisors' sale of the 223k SF warehouse at 7621 Energy Pkwy shows how much prices for existing industrial have rebounded. Jon (who's right now vacationing in Sea Isle City, NJ, a couple miles south of Atlantic City) and colleague Jay Wellschlager repped High Street, which bought the 14-year-old, Class-A building in April 2010 for $11.5M and just sold it for $15.2M.|
|The only difference to explain the $3.7M spread, Jon says, is that the property is two years older and longtime, full-building tenant Reliable Churchill (best name for a liquor distributor ever) has two fewer years left on its lease. High Street bought the property just as institutional investors interested in industrial (a club better known as IIIII) started popping up all over the place, eventually driving up prices. That includes the buyer of the Reliable Churchill building, Industrial Income Trust, which formed in 2010 and bought its first Baltimore-area property, through Jon's team, in November 2010.|