Artemis JV Pays $81M for Mid-Atlantic Logistics Center
Ace Logistics Services signed a long-term lease at the 859,900-square-foot facility.
A joint venture between MCB Real Estate, Artemis Real Estate Partners and Ace Logistics Services has purchased Tower Logistics Center, an 859,900-square-foot industrial building in Aberdeen, Md. Developers Merritt Properties and BentallGreenOak sold the facility for $80.7 million, as reported by CommercialObserver. Ace Logistics will fully occupy the warehouse and anticipates to begin operations at its first Harford County location later this month.
CBRE represented the sellers, while JLL worked on behalf of the buyers and represented Ace Logistics in the lease deal.
The new owners intend to rebrand the facility as Ace Logistics Center. Built in 2021 on a 98.5-acre site at 1225 S. Philadelphia Blvd., the warehouse features 189 cross docks, four drive-in docks, 40-foot clear heights and 130-foot truck court depths, along with more than 310 trailer parking spaces. The facility is off Highway 40, less than 3 miles from central Aberdeen and roughly 28 miles from Baltimore. The Phillips AAF military airport and Interstate 95 are also nearby.
CBRE Executive Vice Presidents Robert Cashman and Jonathan Beard acted on behalf of the sellers and JLL Executive Managing Director Benjamin Meisels, along with Managing Director Peter Hajimihalis, brokered the deal on behalf of the buyers and arranged the lease.
Industrial assets withstand headwinds
Despite economic uncertainty, the industrial sector is maintaining solid fundamentals, according to a recent CommercialEdge report. Although transaction volume has dropped significantly—amounting to only $7.7 billion in this year’s first quarter compared to $20.5 billion over the same period of 2022—rents have continued to rise. The average per-square-foot price in the U.S. increased by 7.1 percent year-over-year through March.