Industrial Buy Bodes Well for Class-B
TA Associates has paid $12.5M for a 206k SF, multi-tenant warehouse at 6930 San Tomas Rd in Elkridge’s Route 100 Industrial Park. Cassidy Turley’s Jon Carpenter (above) and colleagues Nicole Keelty and Graham Savage repped the seller, Morgan Stanley.
Jon tells us this building serves the Corridor’s historical bread-and-butter, 40k SF to 60k SF tenants, which have been slow to come back post recession. But leasing in that space has picked up this year, he says, and this kind of value-add acquisition (the property is 32% leased) shows confidence in Class-B.