(Picture credit: MCB Real Estate, LLC)

A joint venture between affiliates of MCB Real Estate and Artemis Real Estate Partners has acquired an 890,000 square foot distribution center located at 601 Chelsea Road, Aberdeen, Maryland for $65,000,000.

This modern Class A facility has ample loading and trailer storage with room for expansion of the building by approximately 300,000. Positioned less than 6 miles from I-95 and 3 miles from I-40, the property is occupied by a subsidiary of Rite Aid - the third largest drugstore chain in the United States. This facility serves as a warehouse and distribution hub for over 1,200 Rite Aid Pharmacy locations throughout the North East.

“MCB is very pleased to continue its partnership with Artemis through this off-market acquisition,” noted Michael Trail, who leads acquisitions for MCB Real Estate.

“We are proud to add a Class A warehouse with excess land in the Mid-Atlantic to our growing national portfolio. MCB identified a great opportunity at the height of the covid-19 pandemic that is consistent with our goals to expand our presence within the distribution and ecommerce sectors” added Michael Vu, a principal with Artemis Real Estate.

This acquisition marks the 2nd industrial acquisition in Harford County, by the joint venture, bringing the Harford County portfolio to 1.5 million square feet.

Bill Shrader and John Van Buskirk of Lee & Associates acted as Buyside Advisors and Michael Katz of REF Advisory INC of Naples, FL served as sale-leaseback advisor to the Seller.

ARTEMIS REAL ESTATE PARTNERS is an investment fund manager based in Washington DC, New York City, Los Angeles and Atlanta. Artemis manages approximately $4.8 billion of discretionary capital on behalf of institutional investors across value-add, opportunistic, and enhanced core strategies. The firm makes both equity and debt investments across the domestic United States, with a focus on apartments, office, industrial, retail, hotel, and senior housing. Artemis specializes in joint venture partnerships and direct investments. More information can be found at www.artemisrep.com.

MCB REAL ESTATE, headquartered in Baltimore, is a privately-held, institutionally-capitalized commercial real estate development and investment firm. MCB invests primarily in major East Coast markets, owning and operating more than 9 million square feet of retail, industrial, commercial office and mixed-use projects with an additional 2 million square feet currently in development. For additional information visit www.mcbrealestate.com.

LEE & ASSOCIATES OF EASTERN PENNSYLVANIA founded in May 2015 under the leadership of Principals Brian Knowles, CCIM, SIOR, and John Van Buskirk, SIOR, and has since grown to over 20 agents with 14 Principals and offices located in suburban Philadelphia and Central PA. In addition to Owner Representation, Occupier Services, Capital Markets, and Property Management Services, Lee & Associates of Eastern Pennsylvania is committed to providing market-leading research and support while remaining grounded in exceptional client service. For the latest news from Lee & Associates of Eastern Pennsylvania, follow us on Facebook, LinkedIn, Instagram and Twitter or visit us on the web at http://www.lee-associates.com/pennsylvania.

REF ADVISORY INC is a Naples, FL based boutique real estate advisor and brokerage firm that specializes in single tenant net lease real estate transactions since its creation in 1996. 

REF has been exclusively running Rite Aid Corporation’s sale-leaseback program as an outside advisor and consultant since early 1997 and has successfully been involved with completing in excess of 600 retail store transactions as well as multiple industrial locations such as Aberdeen, MD aggregating in excess of $1.7 billion of Rite Aid transactions and approximately $3 billion of transactions for all clients.