JLL closes sale of Baltimore cold storage facility

WASHINGTON, D.C., June 3, 2020 – JLL Capital Markets announced today that it has closed the sale of Principio Commerce Center II, a new, fully leased, Class A, 550,050-square-foot cold storage distribution facility in the Baltimore-area community of North East, Maryland.

JLL marketed the property on behalf of the seller, Stewart Properties, which developed the property. CBRE Global Investors purchased the asset.

Principio Commerce Center II is fully leased to KeHE Distributors, LLC, one of the oldest and most respected natural food distributors in the industry. Completed in February 2020, the property features 36-foot clear heights; LED lighting; wide column spacing; loading positions including 43 dry, 14 cold and 36 additional punch-outs; four drive-in doors; and significant freezer and cooler buildouts. York, Pennsylvania-based Stewart & Tate Construction, a sister company to Stewart Properties and part of the Stewart Companies group, handed the sitework and construction of the KeHe facility. This inter-company partnership allows Stewart Properties to provide an efficient, turnkey deliverable solution.

Principio Commerce Center II is at 585 Principio Parkway West within the Principio Business Park less than 1.25 miles from Interstate 95, the primary East Coast distribution arterial. It is also located at the midpoint between the greater Baltimore and Philadelphia metropolitan regions and is proximate to the Port of Baltimore, one of the country’s most efficient deep-water ports.

The JLL Capital Markets team representing the seller was led by Senior Managing Director Bruce Strasburg, Managing Directors Dave Dannenfelser and Jay Wellschlager, Senior Vice President Tyler Boykin and Associate Craig Childs.

“Given the current circumstances, completing a deal in the last two months doesn’t just show the strength of the industrial market but is a prime example of how a buyer and seller can work together to get a deal done,” Strasburg said.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Stewart Properties is the real estate development and investment company of the Stewart Companies group. With offices in York, Pennsylvania, and at the historic Principio Furnace in Perryville, Maryland, they are a Mid-Atlantic leader in real estate leasing and development with over two million square feet of office, flex and retail space, 4,000 acres under residential, industrial and commercial development and 8,000 additional acres for development.