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Former IKEA Warehouse Sells for $13.4M in Halethorpe

The O'Donnell Group Purchases Vacant Industrial Building from FCP
January 12, 2018
A vacant 313,000-square-foot warehouse formerly home to IKEA has traded hands in suburban Baltimore.

The O'Donnell Group acquired the industrial facility at 2209 Sulphur Spring Rd. in Halethorpe, MD from Federal Capital Partners for $13.4 million, or $42.81 per square foot. The California-based industrial property owner and developer will reposition the property into a multi-tenant building over an 18-month period.

The industrial facility was built in 1991 and renovated in 2013. It is located in the Arbutus Industrial submarket and was 100 percent vacate at the time of sale.

Jonathan M. Carpenter and Graham Savage of Cushman & Wakefield’s Baltimore Capital Markets team represented the seller in this transaction.

“The sale of 2209 Sulphur Spring Rd. shows the attractive fundamentals of the Baltimore Industrial Market for national buyers,” said Savage. “With value-add industrial opportunities in this market extremely few and far between, the sale of this property shows that Baltimore is a sought after industrial location for national buyers. The new owner plans to add dock doors to the vacant property and lease it back up.”

Please see CoStar COMPS #4092697 for more information on this transaction.
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