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WHERE THE MONEY GOES

WHERE THE  MONEY GOES
Nothing will stop capital's insatiable hunger for core assets in the Baltimore-Washington market, even if they're not for sale: look at the off-market buy LaSalle Investment Management announced today of 7605 Dorsey Run Rd in Jessup from Exeter Property Group. Sources tell us it went for $50.2M.
LaSalle Investment Management, Exeter Property Company, Jessup, 7605 Dorsey Run Road, $50.25M, CB Richard Ellis, CBRE, Bruce Strasburg, Marc Rampulla
Exeter Property Group's Scott Dougherty tells us his firm hadn't even considered selling the 613k SF building when offers from major institutions started coming in: "The strong capital flows toward institutional-grade industrial product, and the relative lack of supply in the corridor made an otherwise difficult decision to sell a bit easier." CBRE's Bruce Strasburg and Marc Rampulla repped the buyer, and their firm repped the seller as well. Scott says the 81% leased building is home to three tenants, the biggest of which is Victory Packaging Co. (In other news, we have a DVD collection and some lightly worn hiking boots that we're "not selling" either. $100 OBO.)