Baltimore’s strong industrial real estate market continues booming with the recent sale of an 11-acre site in Curtis Bay to a Georgia investment group for $13.5 million. The property at 7601 Energy Parkway near Riviera Beach in Anne Arundel County off Interstate 695 was sold to Atlanta-based Stonemont Financial Group.
The deal is the latest in a flurry of industrial sales this year as Maryland’s market, bolstered by Interstates 95 and 70, continues to post strong activity. Industrial development this year has kicked off in White Marsh, Tradepoint Atlantic, South Baltimore and other parts of the metro area as e-commerce demand has spiked and the Port of Baltimore’s activity remained strong.
The vacancy rate for industrial properties in Maryland was 4% last quarter, which mirrors a national trend that forecasts industrial leasing to hit 855 million square feet between 2022 and 2023, according to Cushman &Wakefield’s research. During that same period, new industrial development will total 932 million square feet, the real estate firm also predicted.
The Curtis Bay property sits near a large Best Buy warehouse and an Amazon delivery station off Sollers Point Road. It is primed for further development of a 188,000-square-foot Class A warehouse, said Cris Abramson, Ben McCarty and Nicholas Signor, Newmark brokers who represented seller Boundary Companies of Bethesda in the deal.
Read Full Article Here.