Greg Lauze’s NorthBridge Partners has acquired Last-Mile @ BWI, a 13.61-acre outdoor industrial storage site in Hanover, Md., from HLNP LLC for $21.1 million, Newmark announced. The property is located at 1200 Stoney Run Road and fully tenanted by Amazon.
Not an immediate e-commerce deal: Amazon leases the site in the Baltimore-Washington Corridor for what’s called industrial outdoor storage (IOS), or properties that provide uncovered ground to support industrial users. However, the asset includes about nine acres of paved parking and storage and offers the potential to build Class A industrial product in the future, CO noted.
How times are changing: HLNP had originally acquired the site in 2017, and operated it as an airport parking service for its first four years. And then when the pandemic hit, the seller landed Amazon on a long-term lease. The HLNP LLC appears linked to H&H Rock Companies.
Brokers: Newmark’s Ben McCarty, Cris Abramson, Brian Kruger, and Nicholas Signor facilitated the deal.
Heard on the Street: Newmark’s Ben McCarty: “This is a rare site in the BW Corridor, directly adjacent to BWI Airport. Currently fully leased to Amazon, providing long-term, stable cash flow, the property has the potential to support a Class A industrial development if Amazon were to ever vacate.” [CO]