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Goldman Sachs Buys 650,000 SF in Baltimore/Washington Industrial Corridor

Exeter Property Group Sells Four-Property Portfolio for $66.7 Million
August 8, 2017
Goldman Sachs (NYSE: GS) added roughly 650,000 square feet to its industrial holdings with the firm's purchase of a four-property portfolio in the Baltimore/Washington corridor for $66.7 million, or approximately $97 per square foot.

The portfolio consists of three buildings located within the Dorsey Commerce Center on Montevideo Rd. in Jessup, MD, and the 248,930-square-foot, multi-tenant industrial complex located at 7100 Old Landover Rd. within the Ardmore Industrial Park in Landover, MD.

Two of the buildings, the 77,000-square-foot Dorsey Commerce Center 4 complex at 7591 Montevideo and the 82,940-square-foot Dorsey Commerce Center 5 building at 7587 Montevideo Rd., were completed in 2013. Building 3, which measures 280,600 square feet, delivered in 1975 and underwent renovations in 2014, while the Landover building delivered in 1964 and also underwent renovations in 2014.

Currently 96% leased, the portfolio is leased to such tenants as Tate Flooring, MS Intl. and Gilbert Foodservice, which occupies 72,000 square feet at Dorsey Commerce Center 4. The Landover building is also home to the U.S. Department of Education, L&W Supply, Reddy Ice and Susan Gage Cleaning, according to CoStar information.

Graham Savage and Jon Carpenter of Cushman & Wakefield's Baltimore office represented Exeter Property Group in the disposition.

Please see CoStar COMPS #3970344 for more information on this transaction.
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