North East, Maryland – June 3, 2020 – A fund sponsored by CBRE Global Investors has acquired the Principio Commerce Center II, a 550,050-square-foot cold storage and distribution facility in North East, Maryland. The Class A property, which is located at 585 Principio Parkway West, is fully leased to a major specialty food distributor. The acquisition is part of the fund’s broader strategy to invest in target industrial markets across the U.S.
Principio Commerce Center II was delivered during Q1 2020 and features 36’ clear heights; cross-dock configuration; 54’ x 54’ column spacing; 195 trailer drops; and 5,000 AMP service. The building currently features 154,000 square feet of dedicated freezer and cooler space. A glycol system was included under the entire footprint of the temperature-controlled portion of the building, affording the option to expand the existing freezer space – which spans 75,000 square feet – to fit future tenancy needs.
“We believe that this particular asset is located in a highly strategic part of the country, affording the tenant access to major metropolitan hubs in both the Northeast and Mid-Atlantic regions,” said Kim Hourihan, Portfolio Manager for CBRE Global Investors. “Both Philadelphia and Baltimore are within an hour drive of the property. The accessibility to I-95 affords the user the ability to complete two round trips per day to service the New York, New Jersey and Philadelphia markets.”
Gary Jaye, Senior Managing Director and Head of Commercial Acquisitions for CBRE Global Investors, added, “With significant freezer and cooler buildouts, we believe that this property is well-positioned to benefit from the rapidly increasing demand for refrigerated storage space.”
Principio Commerce Center II is located within the Harford/Cecil County submarket within the Baltimore MSA. The submarket is a strategic and important logistics location that provides users accessibility to the Port of Baltimore and connectivity to I-95, the major thoroughfare connecting the industrial market to the large population clusters of the Northeast and Mid-Atlantic regions of the United States.
About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $108.1 billion in assets under management* as of March 31, 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.