A former Giant grocery store warehouse in Jessup, billed as the largest unoccupied industrial space in Maryland, has been sold to a joint venture between Baltimore-based Mosaic Realty Partners and New York Life Insurance Co.
The sale price was not disclosed for the 775,000-square-foot warehouse, which sits on 60 acres in the Maryland Wholesale Food Center.
Cris Abramson, the executive director of Cushman & Wakefield’s capital markets division, represented the seller, Warex-Jessup LLC, which is a subsidiary of Giant. The price was not disclosed. State records show the building is assessed at $29,104,400.
The building’s warehouse includes 400-feet-deep truck courts, a vehicle maintenance building, a guard shack and is divisible with separate building entrances for two tenants, according to a news release announcing the sale.
Eron Sodie, a principal at Mosaic Realty Partners, said there is no tenant lined up for the building, but added he’s confident the unique location and proximity to Interstate 95 will make the building attractive to tenants.
There are few buildings of its size located between Washington, D.C., and Baltimore, Sodie said, with most warehouses larger than 500,000 square feet in land-rich Harford and Cecil counties.
The sale comes amid growing demand for industrial space and a shortage of available large warehouses. Liberty Property Trust has speculative construction planned for two warehouses totaling 243,500-square-foot in Hanover, and Ryan Commercial has a warehouse with more than 600,000 square feet planned for Perryman.
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- 01 May 2013Giant’s former Jessup warehouse, one of Maryland’s largest unoccupied industrial buildings, sells