Baltimore, MD – Cassidy Turley today announced the sale of the Commerce Corporation Headquarters, a 274,152-square-foot multi-functional bulk distribution center located in Brandon Woods Business Park, 7603 Energy Parkway, Baltimore, Maryland. The Center is 100% leased to the Commerce Corporation through September 2019. Cassidy Turley’s Baltimore Capital Markets team represented the owner, RREEF, in the sale to Industrial Income Trust.
Jonathan Carpenter of Cassidy Turley commented, “This sale traded at the lowest cap rate in the Baltimore market since 2007. The building’s combination of lease term, strong credit, building functionality, and location in the Baltimore Washington corridor produced a frenzied bidding process.”
Jon Carpenter, Jay Wellschlager and Philip Iglehart of Cassidy Turley’s Capital Markets Group represented RREEF in the transaction, which represents the team’s tenth investment sale transaction for 2010, the most of any brokerage team serving Baltimore.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with over 2,800 professionals in 60 offices nationwide. The firm completed transactions valued over $13 billion in 2009, manages over 420 million square feet on behalf of private, institutional and corporate clients and supports over 25,000 domestic corporate services locations. Cassidy Turley serves owners, investors and occupiers with a full spectrum of integrated commercial real estate services—including capital markets, corporate services, project leasing, property management, project and development services, and tenant representation. Outside of North America, Cassidy Turley has served the international needs of its clients since 1985. In 2010, the firm enhanced its global service delivery through its partnership with GVA Grimley. The firm recently ranked in the Top 10 on the Lipsey Co.’s Commercial Real Estate Top Brands Survey, and was ranked #1 by Real Estate Alert for Office Sales in 3 of the Top 6 Markets. Please visit www.cassidyturley.com for more information about the company.