Cushman & Wakefield announced today it has sold 7600 Assateague Drive in the Maryland Wholesale Food Center in Jessup, MD to a joint venture between New York Life, on behalf of institutional investors, and Mosaic Realty Partners. The property encompasses 775,000 square feet on 60 acres. It is located minutes from Interstate 95 in the heart of the Baltimore-Washington Corridor. The property is currently for lease by its new owners.
Cushman & Wakefield’s capital markets team of Cris Abramson, Brian Kruger and Nick Signor, in conjunction with the industrial team of Michael Elardo, Jared Ross and Michael Kimmel, coordinated the disposition of 7600 Assateague Drive on behalf of the seller.
“We are extremely pleased with the result,” said Abramson. “This price rewards the seller for a very well-located facility, and equally allows new ownership to be competitive going forward in transforming the building into an income-producing asset.”
Elardo, Ross and Kimmel were retained as the exclusive leasing agents for 7600 Assateague Drive and will coordinate the marketing efforts on behalf of a multi-market Cushman & Wakefield team.
“We are very pleased to be chosen by New York Life and Mosaic Realty Partners to represent this asset,” said Michael Elardo, Managing Senior Director with Cushman & Wakefield. “This facility is the single largest warehouse available today in the state of Maryland and is in excellent condition. This is a signature assignment and we have been very encouraged with the level of interest in the property.”
Mosaic Realty Partners principals Eron Sodie and Isaac Pretter released the following statement: “We are pleased with the acquisition and the cooperation shown by all parties to complete the transaction. This is a unique asset and leasing opportunity. The partnership is hitting the ground running with planned property upgrades to further capitalize on the strong level of interest in the asset.”
The project includes a main building totaling 728,073 square feet with loading on three sides and generous truck courts to 400-feet deep. The building is divisible to 317,000 square feet with separate building and site entrances for two tenants. Additionally, the project includes a vehicle maintenance building, a small cross-dock building and a guard shack with full perimeter fencing.
“This facility is unique; it includes 60 acres of impervious surface for over 500 trailer spaces and nearly 500 car spaces. The building was built to Class A specifications, with 30-foot-clear ceiling heights, ESFR sprinkler system, motion-sensing T-5 lighting and over 113 dock positions,” said Elardo. “This is an irreplaceable asset available for immediate occupancy.”
“The possibilities for the site are limitless; I’m looking forward to watching this property evolve over the next couple of years,” said Abramson.
For more information, please contact Isaac Pretter at (443) 426-1600, Eron Sodie at (240) 541-5052 or Michael Elardo at (410) 685-9595.
About New York Life
New York Life Real Estate Investors (“REI”), part of the Investments Group of New York Life managing over $361 billion in assets as of December 31, 2012, is a trusted provider of real estate capital and investment management services, with a long and successful track record of helping clients achieve their financial goals and objectives. We are staffed by experienced real estate professionals whose commitment to customer satisfaction is matched by their market acumen, integrity and flexibility. Our vertically integrated, multi-disciplinary team allows us to deliver the consistent service our borrowers and investors have come to expect. Our staff includes investment specialists, structuring and modeling analysts, appraisers, credit analysts, closing and investment management specialists, architects and engineers, a certified construction inspector, in-house legal counsel, and a full loan-servicing department. The principal focus of the REI is the origination, underwriting, and investment in real estate equity investments and real estate related debt products, including, Commercial Mortgage Loans, Commercial Mortgage Backed Securities, Unsecured REIT Bonds and Single Family Jumbo Loan Pools.
About Mosaic Realty Partners
Mosaic Realty Partners is a Maryland based real restate investment firm formed by its principals, Eron Sodie and Isaac Pretter. The firm focuses its investment activity in the Mid-Atlantic region where it invests in office, industrial and retail assets. For more information, see www.mosaicrp.com.