MacKenzie Brokers Sale of Baltimore City Industrial Outside Storage Site
Asset located at 1200 Chesapeake Avenue was unoccupied at time of sales transaction
MacKenzie Commercial Real Estate Services, LLC has brokered the sale of 1200 Chesapeake Avenue, a single-story building consisting of approximately 31,000 square feet of service/warehouse space for $4.2 million. Andrew Meeder, Senior Vice President & Principal and Daniel Hudak, Senior Vice President and Principal for MacKenzie Commercial Real Estate Services represented the seller, a private ownership group in Baltimore, as well as the buyer, Alterra Property Group, LLC in this sales transaction. The building was occupied at the time of the sale but the tenant is vacating Q3 2022. MacKenzie Commercial Real Estate Services has been selected by the new owner to handle all marketing and leasing activities.
Equipped with 18 to 21-foot ceiling heights and 21 drive-in loading doors with drive-though capability, and situated on more than six acres of land, 1200 Chesapeake Avenue is located immediately outside the Fairfield Marine Terminal, is adjacent to the CSX rail line and is a two-minute drive from Interstate 895 and a seven-minute drive from Interstate 95. Dundalk Marine Terminal is approximately seven miles from the site, BWI Airport is approximately nine miles away and Washington, D.C. is less than 40 miles away.
Headquartered in Philadelphia, Alterra Property Group is a commercial real estate investment, development and management group which owns commercial office, residential and mixed-use developments as well as Industrial Outdoor Storage (IOS) sites. Its APG Living facility manages more than 2,000 upscale residential apartment units.
“We expect tremendous leasing interest in this building based on its size, extremely low vacancy rate for this product type, position within an urban infill market and immediate availability of outside storage space,” stated Andrew Meeder of MacKenzie Commercial Real Estate Services. “The previous tenant was paying rent significantly below market and Alterra Property Group believes it can maximize returns and achieve substantial upside by executing new leasing at prevailing rents. Industrial Outside Storage has emerged as the most vibrant real estate asset class over recent years, based on the rising need to stage and/or store vehicles, materials and equipment. Given the high demand and relative scarcity of outdoor storage space, we anticipate a rapid lease-up.”
According to data from MacKenzie Commercial Real Estate Services, the vacancy rate for warehouse/industrial product in the Baltimore Metropolitan region stood at 6.6 % at year-end 2021 and is expected to trend lower through at least first half of 2022.
MacKenzie Commercial Real Estate Services is the real estate brokerage arm of The MacKenzie Companies, which operates six full-service divisions addressing all real estate asset classes including MacKenzie Management Company, LLC, MacKenzie Contracting Company, LLC, MacKenzie Capital, LLC, MacKenzie Investment Group and Datastory Consulting. The company provides customized real estate solutions for institutional owners, investors, private companies and individuals. For additional information, visit www.mackenziecommercial.com