BALTIMORE – January 12, 2021 – A fund sponsored by CBRE Global Investors has acquired a 1,347,800-square-foot industrial portfolio in Aberdeen, Maryland. Located 40 minutes northeast of Baltimore, 521 and 531 Chelsea Road are bulk warehouse/distribution buildings that are each currently 100 percent leased.
521 Chelsea Road spans 692,000 square feet and was completed in 2012, while 531 Chelsea Road spans 655,800 square feet and was completed in 2014. Both properties are LEED Silver Certified and feature 40’ clear heights, 50’ x 50’ column spacing and include ample truck and car parking.
“The Chelsea Road portfolio assets have been recently improved to cater to today’s modern bulk warehouse user,” said James Munsell, Commercial Acquisitions for CBRE Global Investors. “The new features, like truck court depths of 165’, large column spacing with 60’ speed bays, and a cross-dock configuration, are required items on distribution users’ checklists, and we believe that the demand for these types of features in industrial assets will continue to increase among users in this area.”
“Situated just off of I-95, 521 and 531 Chelsea Road are well-located and provide users access to a population of 15 million within a 90-minute drive, with the ability to reach one third of the U.S. population within a one-day drive,” added Kim Hourihan, Portfolio Manager and CIO, Americas Direct Real Estate for CBRE Global Investors. “In addition to both a deep labor pool and consumer population, the location is near the Port of Baltimore, CSX and Norfolk Southern freight services, and BWI Airport.”
The seller was represented by CBRE’s National Partners team of Bo Cashman and Jonathan Beard.
About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $114.5 billion in assets under management* as of September 30, 2020. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2019 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.