Cushman & Wakefield has sold the largest vacant warehouse in the state, a 775,000-square-foot building in Jessup that was once a distribution center for the Giant Food Inc. grocery chain.
The purchase was a joint venture between Mosaic Realty Partners and New York Life Insurance Co., which was involved on behalf of institutional investors. A Giant subsidiary was the seller.
Eron Sodie, a principal at Mosaic, said there are plans for “a number of upgrades and putting a fair amount of money into” the building. Sodie declined to name the purchase price or the terms of the deal. It is assessed at $29.1 million.
Sodie said Mosaic was attracted to the building because of it’s “extremely unique real estate.’
“It’s the largest available industrial building between the two cities [of Washington and Baltimore] and is off I-95,” Sodie said. “To find a super-large block of space you need to go north of Baltimore to Harford County. This one just happens to exist because Giant built it a long time ago.”
Industrial real estate brokers have noted a shortage of available warehouse space in the region, and speculative construction is being planned in both Harford and Anne Arundel counties.
Sodie said he expects to draw strong interest for the property because there are “more tenants than there are buildings.”