CBRE Arranges Sale of Six-Building Industrial Portfolio in Baltimore

CBRE today announced it has completed the sale of Baltimore Crossroads, a six-building industrial portfolio totaling nearly 900,000 square feet on 198 acres of land located in Baltimore’s East Industrial submarket. The portfolio was acquired by EQT Exeter from a global real estate investment advisor in a transaction that closed June 26, 2024, for $140,500,000.

The team of CBRE’s Bo Cashman and Jonathan Beard, along with members of CBRE National Partners, led the marketing of the portfolio and represented the seller in the negotiations.

“The Baltimore Crossroads portfolio provided EQT the opportunity to own one of the best industrial portfolios in a submarket with scarce availability at just 3.6% and high barriers to entry,” said Mr. Cashman. “We have seen industrial investment activity pick up during over the last three months as many fund advisors have raised significant capital and have come off the sidelines to deploy investments in the Mid-Atlantic region. We expect these trends to continue as the area’s market fundamentals remain strong.”

Situated within an established industrial park along the I-95 Corridor and dissected by Route 43,
Baltimore Crossroads is currently 97% leased to national and regional tenants with location-specific operations and offers unparalleled accessibility to the Port of Baltimore. The offering included 1405, 1409 and 1411 Tangier Drive and 11501, 11503 and 11505 Pocomoke Court. The buildings range in size between 42,275 sq. ft. and 435,490 sq. ft. with various sized suites and layouts that best optimize ownership’s ability to capture demand from a broad spectrum of tenants. The area’s robust and abundant regional infrastructure affords tenants immediate access to the Mid-Atlantic’s dense and affluent consumer/labor pool, which has been the driving reason for tenants’ focus on locating their facilities in the Baltimore and Washington, D.C. markets.

“This most recent sale is one of several recent deals in Baltimore that underscore investor confidence in the region,” continued Mr. Cashman. “According to a recent CBRE report, Baltimore saw a 28.9% year over year increase in big-box leasing activity in 2023 alone. The area is garnering significant interest from big-box occupiers because of its central location, nearby ports, and high population concentration within 100 miles.”