South Baltimore Warehouse Sells for $6.9 Million

| April 2, 2024 | 0 Comments

A 62,376 sq. ft. warehouse building on 3.44 acres in the Wilhelm Park neighborhood of Baltimore recently sold for $6.9 million. The building was acquired by Faropoint, a Hoboken, New Jersey-based real estate investment group which “focuses on last-mile industrial real estate.”

The building, which was constructed in 1968, features 16 ft. ceilings, eight dock doors, and two drive-in doors. It has a parking lot suitable for 30 vehicles. The building is 100 percent leased by Aalberts Surface Technologies, Inc., the United States subsidiary of Aalberts N.V., a Dutch-based manufacturing and engineering company.

The building is located behind the newly-constructed City Logistics warehouse project at the former Seton Keough High School campus.

Patrick Smith and Chris Boland of MacKenzie Commercial Real Estate Services, LLC brokered the transaction on behalf of the buyer. Jonathan Carpenter and Graham Savage of Cushman & Wakefield represented the seller, 2915 Wilmarco Avenue, LLC.

“Aalberts is a large company with a strong history, international presence, and specialized line of services,” said Smith in a press release. “It is extremely difficult to find attractive sale/leaseback opportunities in today’s market; especially with strong credit tenants.  The electric capacity and infrastructure that exists in the building should make it a great home for the tenant well beyond the existing lease term. Faropoint is an excellent landlord led by a strong team of professionals, and their in-house construction and management team is very attentive to the needs of their tenants.”   

Photo courtesy of MacKenzie Commercial Real Estate Services

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