Two best-in-class industrial/warehouse buildings totaling 840,000 SF and two development parcels acquired by GLL Real Estate Partners on behalf of an institutional investor

Chesapeake Real Estate Group, LLC (CREG) and EverWest Real Estate Investors, LLC (EW), on behalf of an EverWest separate account client, have sold Brandon Woods III, a two-building business community comprising 840,000 square feet of industrial/warehouse space and two land parcels with the potential for another 250,000 square feet of development. The assets, located at 7550 Perryman Court and 7659 Solley Road, are situated within Brandon Woods III, a 259-acre business community near Fort Smallwood Road in Anne Arundel County, Maryland.

The buildings were purchased by GLL Real Estate Partners (GLL), who acted on behalf of an institutional investor. GLL, a subsidiary of Macquarie Infrastructure and Real Assets, is an international real estate fund manager headquartered in Munich, Germany. The company, which has been investing in the United States since 2001, currently manages $8.8 billion in assets, including $4 billion assets under management in the US. GLL’s US portfolio includes high-quality commercial office, retail and industrial properties throughout 15 states. Brandon Woods III represents the third industrial asset acquired by GLL in the US.

“Brandon Woods III further increases our allocation to our best-in-class US industrial real estate portfolio that currently consists of 2.4MSF of Class A space in supply-constrained markets,” said Christian Goebel, Executive Vice President, GLL Real Estate Partners. “We are excited to work with Chesapeake Real Estate Group on the lease-up business plan for 7659 Solley Road and together we will explore development options for the two remaining land parcels to meet market demand,” he added.

7550 Perryman Court is considered the largest industrial speculative building ever constructed in Anne Arundel County. Best Buy executed a full-building lease at 7550 Perryman in summer 2018 and currently employs approximately 300 workers at the building, which is used as a warehouse and distribution center for large products to support its ecommerce business serving the Mid-Atlantic region, and also as a repair site for major appliances, televisions and home theatre products.

7659 Solley Road is a recently-delivered 340,000 square foot “spec” industrial/warehouse building that offers prospective tenants 36 foot ceiling heights, 87 dock doors, four drive-in doors, a 130 foot truck court and parking for 257 cars and 61 trailers. The sale also includes two development-ready land parcels situated on 51 acres that can accommodate up to 250,000 square feet of office/warehouse space. CREG has been retained to oversee the construction, leasing and management at Brandon Woods III, which should total approximately 1.1 million square feet of space upon completion of the entire project.

“The new owner acquired a stabilized asset backed by a long-term lease with a high-credit national retailer that contains every fundamental necessary for continued success,” stated Matt Laraway, SIOR, Partner, Chesapeake Real Estate Group. “Our efforts at Brandon Woods demonstrate the ability of our team to recognize and assume control of an under-utilized business community, and develop and lease real estate product that capitalizes on the current demand for strategically-located logistics space.”

“Fueled by the dramatic and unrelenting rise in online shopping, and the subsequent requirement among retail companies for the placement of significant logistics operations near major metropolitan areas, warehouse product is outperforming every real estate asset class nationally,” Laraway added. “CREG intends to continue to capitalize on the surging ecommerce demand, as the greater Maryland area remains a strong choice among companies seeking immediate proximity to BWI Airport and the Port of Baltimore, as well as highway systems that provide one-day access to the entire Mid-Atlantic seaboard.”

Brandon Woods III is situated less than two miles from Interstate 695 (Baltimore Beltway); eight miles from Interstates 895 and 95, nine miles from the Port of Baltimore and 11 miles from Baltimore-Washington International Airport. It is contained within the Brandon Wood Business Park, a business community originally developed by Constellation Real Estate, the real estate subsidiary of BGE. Sites were developed and leased to companies with large distribution and warehouse requirements, including Reliable Churchill, Fila USA and Under Armour.

Chesapeake Real Estate Group, LLC, headquartered in Hanover, Maryland, is a fully-integrated commercial real estate operating company that focuses on real estate development, leasing, property management and brokerage services. The company owns a diverse portfolio encompassing Class “A” industrial and commercial office properties, as well as retail centers. Chesapeake Real Estate Group also participates in joint venture partner arrangements on select investments. The firm currently has more than two million square feet of industrial projects planned or under construction in the Mid-Atlantic region and over three million square feet under management. Notable projects include the Perryman Logistics Center, Port 95 Industrial Park, Penn 95 Commerce Center, Baltimore Crossroads @95 and 210 Allegheny Avenue. For more information visit www.cregllc.com

EverWest Real Estate Investors, LLC, a wholly-owned subsidiary of GWL Realty Advisors, is a real estate investment and operating company based in Denver, Colorado, whose goal is to create significant value for investors through a combination of capital appreciation, strategic acquisition, development, capitalization, repositioning and management of commercial real estate assets. For more information visit www.everwest.com

GLL Real Estate Partners is the real estate equity investment platform for Macquarie Infrastructure and Real Assets, a division of the Macquarie Group. A globally-active real estate fund manager and investment advisor headquartered in Munich, Germany, GLL operates 17 offices across the US, Europe, Asia, and Australia. The group currently manages USD 8.4 billion, including more than USD 4 billion in the U.S. GLL employs varying commercial property strategies serving an investor group that includes pension funds, insurance companies and sovereign entities. For more information visit www.gll-partners.com.

Macquarie Infrastructure and Real Assets (MIRA) is a leading real assets investment manager which is a division of Macquarie Asset Management (MAM), a Macquarie Group business. As at 30 June 2019, MIRA has approximately 700 employees and approximately €114 billion in assets under management (AUM), €18 billion of which is in the real estate sector. For more information visit www.mirafunds.com