June 5, 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, MD. The sales price was undisclosed.
Located at 585 Principio Parkway West, the facility is currently fully leased to a major specialty food distributor. The building currently features 154,000 square feet of dedicated freezer and cooler space, as well as 36-foot clear heights, 195 trailer drops and 5,000 AMP service.
“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 at 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.”
Bruce Strasburg, Dave Dannenfelser, Jay Wellschlager, Tyler Boykin and Craig Childs of JLL represented the seller, Stewart Properties, in the transaction.
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