By Adrian Maties, Associate Editor
SK Realty Management is now the new owner of the property located at 3501 E. Biddle St., in East Baltimore. The investor paid $19 million for the asset in a deal brokered by CBRE, according to the Baltimore Business Journal.
The 36-acre property consists of three industrial buildings, with almost 200,000 square feet of space, and is fully leased to three tenants: GAF, Tennant Truck Lines and S.H. Bell Co. According to PropertyShark, the property’s current market value is $4.1 million. BTR Biddle LLC, the former owner, purchased the asset in 2007 for $3.15 million.
Sam Kirschenbaum, CEO of SK Realty, told the news source that the $19 million price was reasonable and that the existing tenants convinced him to acquire the industrial site. Kirschenbaum also said that his company will hold on to the asset on the long term.
According to a CBRE industrial market report for the second quarter of 2015, the overall vacancy rate in Greater Baltimore decreased to 9.1 percent from the previous quarter, thanks to 569,750 square feet of positive absorption. As a result, the overall asking rent increased slightly, reaching $5.7 triple net per square foot per year.
Chart courtesy of CBRE