MDH Partners today announces the acquisition of 1305 Governor Court, a two-building, shallow-bay industrial project located in Abingdon, Maryland, a suburb of Baltimore. This is the second Maryland-based industrial acquisition by the Atlanta-based firm this year, following the purchase of two Class B warehouses in the Hunt Valley corridor in October. Joe DeHaven, Senior Managing Director of Acquisitions, served as the acquisition lead for MDH Partners. Cushman and Wakefield represented the seller, Grander Capital.
“Demand in the Baltimore industrial market continues to rapidly accelerate, and as vacancy for warehouse and distribution facilities remains low, we’re focused on strategically growing our footprint throughout the region,” said DeHaven. “This acquisition represents a great opportunity to add two functional Class B shallow-bay industrial buildings that are well located in the 95-North and Hartford County submarket, which is historically dominated by bulk industrial buildings. There is very little competitive supply in the submarket, which should translate to strong future rent growth.”
Constructed in 1986, 1305 Governor Court are two rear load buildings situated on 4.11 acres of land with clear heights of 20 to 24 feet, with a mix of dock-high and grade level loading. Building A is a 27,600-square-foot property, and Building B is 24,000 square feet. The portfolio is located in the greater Baltimore Metropolitan industrial market in Hartford County, and is situated less than one mile from I-95, the preeminent north-to-south highway on the East Coast. In addition, the project is located only 25 miles north of the Port of Baltimore and 30 miles north of the Baltimore Washington International Airport. The location is highly desirable due to its accessibility to the Northeast Corridor, which includes Philadelphia, New Jersey, New York and Boston.
According to Cushman and Wakefield, the Baltimore industrial market saw 1.9 million square feet of space absorbed in the third quarter. The Baltimore County East, Harford County and the Route Two Corridor submarkets accounted for 1.8 million square feet of positive absorption in the third quarter, which represented 95.9 percent of the total positive absorption in the metro overall.
MDH Partners has remained very active in 2021, acquiring nearly five million square feet of industrial assets since January. The firm has recently expanded its portfolio into new markets including California, Maryland, Minnesota, Ohio, Illinois and Pennsylvania. The firm currently owns over 70 assets across 18 states.
About MDH Partners
MDH Partners is an Atlanta-based real estate investment company managing its discretionary funds targeting industrial real estate across the United States on behalf of its institutional investors. Founded in 2005 as the successor to a fifty-year-old local real estate development company, MDH Partners has led and/or participated in over $4 billion (75 million square feet) of acquisitions, developments, and asset management as an advisor and investor. For more information, visit www.mdhpartners.com.