Cushman-Wakefield completed the $91 million sale of Techwood Business Center in Hanover, Md., on behalf of the seller, RREEF Management LLC. Amazon was the buyer in the deal, adding the Baltimore business park to its expanding portfolio in the state of Maryland.
Part of the Baltimore Commons Business Park, the Techwood Business Center is a six-building, 650,000-square-foot portfolio that is strategically located near Interstates 95 and 97, the main transportation arteries within the Baltimore-Washington, D.C. corridor.
Jonathan M. Carpenter of the Cushman & Wakefield sales team said of the sale, “This generational industrial offering received tremendous interest from national and international investors. An e-commerce company emerged as the winning bidder in an extremely competitive sales process due to their strategic interest in this business park and the Baltimore-Washington region.”
The high competition was likely driven by the intense activity along the I-95 corridor, as well as the growth of e-commerce in the mid-Atlantic region. In a comment to the Baltimore Business Journal, Carpenter added, “Finding 54 contiguous acres of logistics space next to [the Baltimore-Washington International Thurgood Marshall Airport] is rare and very sought after — pre-COVID and post-COVID. The logistics and industrial sector in real estate will lead us out of this downturn.”
Amazon’s Growing Maryland Portfolio
Amazon spokeswoman Rachel Lighty was also quoted by the Baltimore Business Journal as stating that the e-commerce juggernaut had already invested $3 billion in Maryland, and had created more than 5,000 full-time jobs in the state since 2010.
What’s more, the company recently expanded into 1 million square feet of warehouse space in East Baltimore at Tradepoint Atlantic — the ongoing redevelopment of the former Sparrows Point steel mill plant. This 3,250-acre project, slated to become a global commerce hub, is developed by a joint venture between Redwood Capital Investments and Hilco Global. The tenant roster also features the likes of Under Armour, FedEx Ground, Floor & Décor and Home Depot.
Amazon had previously opened an 855,000-square-foot facility at Tradepoint Atlantic in 2017. The company also has several large warehouse fulfillment centers in Baltimore City and in Cecil County.