Six warehouses in eastern Baltimore County totaling almost 900,000 square feet sold for $140.5 million last month, according to the real estate firm CBRE.
The warehouses at Baltimore Crossroads were bought by EQT Exeter, a global real estate investment firm based outside Philadelphia. The identity of the seller is not clear.
Land records show the properties, which are located off of Route 43, were owned by individual LLCs with nondescript names. CBRE, which represented the seller, declined to disclose its client’s name, but said this is the first time the warehouses have been sold since their construction.
According to CBRE, the six warehouses are currently 97% leased and range in size from about 42,000 square feet to more than 435,000 square feet. The sale was brokered by Bo Cashman and Jonathan Beard, both vice presidents at CBRE based in Baltimore, and the transaction covers nearly 200 acres of land.
“The area is garnering significant interest from big-box occupiers because of its central location, nearby ports, and high population concentration within 100 miles,” Cashman said in a statement.
The sales price works out to about $156 per square foot, which is higher than the national average. According to a June report from the real estate data company Yardi, industrial space nationally was trading at an average of $142 per square foot — nearly double the price at the start of 2019.
In the years leading up to and through the pandemic, there was a nationwide spree in warehouse construction. When demand leveled off, some areas grappled with a rise in vacant space. But Baltimore’s regional market for industrial space has remained relatively tight — especially in submarkets like eastern Baltimore County.
That area enjoys easy access to the port of Baltimore, to rail lines and to the interstate highway system. The surge in warehouse construction has faced pushback from residents, who are upset about the loss of green space and increased truck traffic.
