2.7-Acre Cherry Hill Industrial Property Sells for $1.6 Million
An industrial property at 614 W. Patapsco Ave. in Cherry Hill sold this week for $1.6 million. The 2.7-acre industrial site is located in a Historically Under-utilized Business Zone (HUBZone) and has a partially-leased 7,500 sq. ft. maintenance building.
Gold and Company Senior Vice President Jim Chivers assisted in the negotiations. Chivers said the new buyers, who are Baltimore-based industrial real estate investors, will do some cosmetic work before putting it up for lease with Gold and Company. Chivers said the property is ideal for contractors and/or heavy industrial tenants who have a need for storage and several drive-thru maintenance bays.
614 W. Patapsco Ave. is adjacent to 47 acres of land assembled by Copart for a new South Baltimore facility. Improvements are currently underway on the properties.
“E-commerce is creating additional demand in the industrial market nationwide,” said Chivers in a press release. “And, while the pandemic remains a significant caveat, Baltimore’s industrial market has remained resilient.”
Image courtesy of Gold and Company
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About the Author: Kevin Lynch
Founder and Publisher of SouthBmore.com, longtime resident of South Baltimore, and a graduate of Towson University. Diehard Ravens and O's fan, father of three, amateur pizza chef, skateboarder, and "bar food" foodie. Email me at [email protected] and follow me on Twitter at @SoBoKevin.
