M id A tlantic Real Estate Journal — April 23 - May 20, 2021 — 3A
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Benlemlih and Wilson lead transaction team Greysteel arranges the sale of a 150,000 s/f industrial assemblage in Baltimore
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southeast of the inner harbor, an area that has been slowly building appeal as a low-cost alternat ive for manufac - tur ing and distribution owners and tenants look - ing for space. The property was divided into two sep - arate transactions and sold to two owner-users. 1226 Wicomico St. features a 32,000 s/f building with attrac - tive brick construction and 35- foot ceilings. Originally built in 1885 by The Chesapeake Gas Works, the property will now be home to Sandtown Furniture Company. Sand - town Furniture Company will use the space as their new
distribution operations from Silver Spring to the property. “While demand for industri - al space has continued to grow over the last year, leasing rates in this submarket remain low with high vacancy. The weak leasing environment combined with the property’s dilapidated condition made it difficult to attract return-oriented inves - tors. We recognized pretty early that if we were going to hit our pricing we would need to find an owner-user with the capacity and interest in a project like this. Ultimately we were able to find two will - ing to work with us, the seller, and each other to get the deal done. We are continuing to see this trend across the rest of our inventory as owner-users look to capitalize on a low-interest rate environment. MAREJ the pandemic,” said Gentner. “The Collington Trade Center is one of the region’s top in - dustrial properties and is sure to attract world-class tenants due to its superb central loca - tion along the Eastern Sea - board. Our team’s extensive market knowledge combined with Colliers’ collaborative platform and top-tier research is sure to help us secure the perfect tenants for our client.” The property is located in Upper Marlboro in southeast Prince George’s County, ap - proximately 10 miles east of the Washington D.C. Central Business District. It consists of almost 1200 acres and more than 3.2 million square-feet of industrial development. The Center offers direct access to major highways including Routes 301 and 50 and Inter - state 495 and is only 20 miles south of Baltimore/Washing - ton’s International Airport. Gentner, Watts, Siegel and Sullivan all joined Colliers earlier this year to further bolster the firm’s presence in the region by focusing mainly on industrial leasing. MAREJ
ALTIMORE, MD — Greysteel , a national commercial real estate
investment services firm, represented the seller and procured the buyers in the sale of 901 W O s t e n d St. and 1226 Wicomico St.,
Zach Benlemlih Benjamin Wilson
a 150,000 s/f industrial build - ing in the Pigtown neighbor - hood of Baltimore. The transaction team was led by Greysteel associate Zach Benlemlih and manag - ing director BenjaminWilson of the firm’s Mid-Atlantic Com - mercial Team. The property is located in the Pigtown/Carroll-Camden neighborhood of Baltimore, CHESAPEAKE, VA — Colliers announced the sale of Crossways Commerce Center IV, at 1408 Stephanie Way in the Greenbrier submarket of Chesapeake. The property was sold by DSC Partners to The Runnymede Corporation . The multi-tenant building, built in 1998 on a 3.99-acre site, comprises 52,056 s/f and was 100% leased at the time of the sale. The building is anchored by Leidos, a Fortune 500 information technology, engineering, and science so - lutions and services company headquartered in Reston. Leidos currently occupies 91% of the building with the balance of the building leased to 7-Eleven for its regional corporate office. “Runnymede is pleased to acquire this institutionally maintained asset in the grow - ing Greenbrier submarket,” said Donald Frederick , vice president and CEO of The Runnymede Corporation. “Hampton Roads’ reliance on the defense sector together with the long-term history of Leidos in the building fit
901 W Ostend St.
headquarters, showroom, and manufacturing facility. The other half of the trans - action was the sale of 901 W Ostend St. which is a 116,000 s/f warehouse that runs from
the Wicomico site up to Ostend St., along W Hamburg St and Wicomico St. 901 W Ostend was purchased by Mayorga Organics which will be relocat - ing their coffee roasting and
Colliers announces sale of 52,056 s/f Crossways Commerce Center IV in Chesapeake, Virginia totaling $7.5 Million
Marlboro’s Collington Trade Center. A Colliers team of senior vice presidents Tom Gentner, BrianWatts and Bri - an Siegel and vice president Jason Sullivan were selected by the owner to handle the 576,356 s/f assignment. The Collington Trade Center is one of Maryland’s premier office and industrial parks. The property is home to 15800 & 15850 Commerce Court, two class A warehouse/distribu - tion buildings and the Collin - gton Business Center, a four building complex of flex/ware - house space. The warehouse buildings feature 24’ clear height, 40’ x 40’ column spac - ing, plenty of parking, docking spaces and new LED lighting on motion sensors. The com - plex features redesigned en - trances and facades including canopies, entry doors,signage, a renovated on-site cafe and convenience store and new roofs. “Baltimore’s industrial mar - ket continues to exhibit incred - ible strength and momentum despite the challenges many other sectors have faced due to
Crossways Commerce Center IV
Runnymede’s investment cri - teria. This well-located asset just blocks from the blooming Dollar Tree corporate campus adds synergy to Runnymede holdings in the park. We value our relationship with Colliers and want to thank Scott, Perry, Michael and the entire Colliers team for making this transaction smooth from start to finish.” J. Scott Adams , president of Colliers Virginia & Raleigh,
NC, and Michael Ettel , se - nior associate with the Col - liers Capital Market Advisory team, represented the seller in the transaction in association with Perry Frazer, Pat Mu- gler and Ricky Anderson with Colliers. In other news, Colliers In - ternational Group Inc. an - nounced it has been appointed as the leasing agent for two warehouse buildings and a flex business center in Upper
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