May Development, a local investment firm that focuses on value add acquisitions, purchased two industrial buildings totaling 125,159 square feet in Columbia, Maryland, from The Sanford Companies. The Class B warehouses at Oakland Ridge Industrial Park sold for $13.2 million, or about $105 per square foot.
The single-story structures at 9139-9159 and 9179 Red Branch Road were built in 1975 and 1979, respectively. Spanning eight acres, the buildings are less than 13 miles from Baltimore/Washington International Thurgood Marshall Airport.
“The portfolio represented a rare opportunity to acquire 20 highly diversified tenants in uniquely small suites. With a staggered lease roll, tremendous historical occupancy and highly functional small-bay industrial construction, there was very strong interest in the portfolio,” said Cris Abramson, an executive managing director at Newmark Knight Frank, in a statement.
Abramson, along with Brian Kruger, Nicholas Signor and Benjamin McCarty at NKF, represented the seller.
Please refer to CoStar COMP #4529725 for additional information regarding this transaction.