MacKenzie Brokers Sale of 103,640 sf Industrial/Warehouse in Baltimore County
Sale includes free-standing building at 1407 Parker Road and adjacent surface lot at 1441 Knecht Avenue
MacKenzie Commercial Real Estate Services, LLC has brokered the sale of 1407 Parker Road, a single-story building containing 103,640 square feet of industrial/warehouse space, and located in the Halethorpe section of Baltimore County, for $10.34 million. The transaction also includes an adjacent .58-acre parcel on 1441 Knecht Avenue that is suitable for vehicular parking and outside storage requirements. The buyer was Ohio-based Pioneer Cladding & Glazing Systems, Inc. Daniel Hudak, SIOR, Senior Vice President for MacKenzie Commercial Real Estate Services and Andrew Meeder, SIOR, Senior Vice President for MacKenzie Commercial Real Estate Services represented the seller, Pitts Realty, Limited Partnership, which formerly operated David Edwards Furniture, Inc. from the site. The new owner was self-represented and the building was unoccupied at the time of the sale.
Founded in 1999, Pioneer Cladding & Glazing Systems designs, fabricates and installs curtain wall, glass and custom-designed exterior building façades for both new construction and renovation applications. The company operates five project management, engineering and fabrication shop locations throughout the United States including two in the greater Maryland area. Pioneer intends to maintain its existing project management facility in the Elkridge area and relocate its current fabrication shop on Alco Place in Halethorpe to 1441 Knecht Avenue. Approximately 10 employees will be impacted by this move.
The building, situated at the intersection of Benson Avenue and Parker Road, served as the headquarters for nearly three decades by David Edwards Furniture, Inc., a high-end furniture maker owned by the Pitts family, an entity that was acquired by Kimball International in late 2018. The Pitts family retained ownership of the building and negotiated a lease-back arrangement with Kimball International, before the Indiana-based group decided to consolidate operations and close this facility last year. MacKenzie Commercial Real Estate Services was subsequently selected by the Pitts family to market and sale the two assets.
“The competition for well-maintained, in-fill warehouse and industrial buildings located near major population centers remains very active and we immediately fielded robust sales interest for these assets,” explained Daniel Hudak of MacKenzie Commercial Real Estate Services. “Demand is especially fierce among industrial users and investors searching to purchase buildings of this size and asset class. Companies looking to own are dealing with the realities of this over-heated asset class and need to react quickly to secure prime real estate. Pioneer is a highly a respected manufacturer within its industry with a strong foothold regionally. They recognized the value of the existing infrastructure left behind by Kimball and acted decisively to emerge as the winning bidder. The warehouse building was also the recipient of a recent capital improvement program which adds to the value of this acquisition.”
Built in 1960, 1407 Parker Avenue is equipped with approximately 8,000 square feet of office space, 16-to-21-foot clear ceiling heights, five loading bays, eight interior dock positions and 62 surface parking spaces. It is situated in the southwestern corner of Baltimore County and is adjacent to Baltimore City and Interstates 695 and 95. BWI Airport can be accessed in seven miles from the site and the Port of Baltimore is 10 miles away.
According to data from MacKenzie Commercial Real Estate Services, the vacancy rate for warehouse/industrial product in Baltimore County Southwest submarket is currently 5.3% and 3.7% in the larger BWI corridor.
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