Transwestern Brokers Deal for 61,600 SF Industrial Asset
July 20, 2020
Washington – Transwestern Real Estate Services (TRS) announces it has brokered the sale of 7225 Standard Drive in Hanover, Maryland. UNUM sold the 61,645-square-foot industrial property to Cabot Properties for $5.5 million. Transwestern Senior Vice Presidents Tom Gentner and Brian Watts represented the seller.
“The Baltimore industrial market continues to be strong during this challenging period,” said Gentner. “Cabot recognized the value this asset offers in conjunction with its marketability to tenants in the Baltimore-Washington Corridor, benefitting from being a free-standing warehouse and distribution center.”
Lockheed Martin occupied the space for 15 years, eventually vacating at the end of 2015. In 2017, Transwestern took over the windowless office building and worked in conjunction with ownership to restore the asset to a modern distribution center with 3,750 square feet of office space and seven dock doors. The building underwent further changes in a two-year modernization project concluding in 2019. Once completed, the asset was placed under contract and closed in six months.
“In addition to being adjacent to the Baltimore-Washington International Airport, the property greatly benefits from direct access to Maryland Route 100,” said Watts. “This allows for quick access to Interstate 95 south to Washington, D.C., and north to Baltimore, as well as I-97 south to Annapolis.”
Centrally located in the Baltimore-Washington Corridor, the fully conditioned warehouse was 100% vacant at the time of sale. The property offers an additional 160 parking spaces on an adjacent 2.5-acre lot. Cabot Properties intends to lease the building, which benefits from new loading doors and high-bay LED lighting.
About Transwestern Real Estate Services
Transwestern Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Occupier Solutions, Capital Markets, and Research & Investment Analytics.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. An integrated approach formed from fresh ideas drives value for clients across commercial real estate services, development, investment management and opportunistic programs for high-net-worth investors. The firm operates through 34 U.S. offices and global alliances with BNP Paribas Real Estate and Devencore. Learn more at transwestern.com and @Transwestern.