September 30, 2019
Maryland-based developer Blue Ocean closed on its acquisition of Middle River Depot, located in Eastern Baltimore County, for an undisclosed sum. At 1.9 million square feet, it’s Maryland’s largest industrial building.
Blue Ocean plans a rebranding and repositioning as a mixed-use project, with office, retail and recreational components along with industrial.
CBRE’s Mid Atlantic Institutional Group oversaw the Middle River Depot sale to Blue Ocean. “Although there continues to be massive amounts of national, institutional capital flowing into industrial investments in the Mid-Atlantic region, this opportunity was acquired by a local investor who understands the strategic nature of the location, and who will work closely with the community to create value,” said CBRE EVP Bo Cashman.
The property’s location was declared an Opportunity Zone by the State of Maryland. With a nod to its history as a World War II-era bomber factory, it will be rebranded as Aviation Station.
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