Hot Market Prompts Elite Spice Deal
The industrial market is so hot that long-term holder Jessup Properties couldn’t resist selling its 158k SF 7751 Waterloo Rd light-industrial building. (As Oscar Wilde said: "I can resist anything except temptation.") With nine years of its 10-year lease remaining, Elite Spice bought it for $12.9M.
This morning, Lee & Associates’ Tom Whelan (snapped just now on vacation in Key Largo) told us Elite Spice moved into the 10-year-old, Class-A building in January ’13 and has invested quite a bit to prep it for red and black pepper processing. Jessup Properties had been fielding calls from interested buyers and decided to take the property to market, Tom says. Elite’s contract gave it “a first crack” at the acquisition (pepper pun not intended... or was it?), and the company matched the highest bid. Industrial vacancy in Jessup is 12%, Tom says, but that number drops to 6% for Class-A, and very little Class-A comes up for sale.
Tom’s colleague Kate Jordan—snapped atop Sephora’s 656k SF warehouse in Mid Atlantic Distribution Center between AMK Partners’ Kate Nolan Bryden (construction manager for the building) and Lee & Associates’ Marley Welsh—also has placed some unique end users lately. In November, she put Black-Eyed Susan Brewery in 23k SF of warehouse space in Bernstein Management’s 9570 Berger Rd in Columbia. And recently, she placed AC&E in 10k SF at 7483 Candlewood Rd in Hanover, where it’ll open Korean Adult Daycare. Kate says it’s the latest in a string of recent deals for adult daycares serving the Korean community.