TJ Maxx Inks Lease for Baltimore-Area Distribution Facility
The industrial property last traded earlier this year, for $88 million.
TJ Maxx has signed a 205,306-square-foot lease at The Mid-Atlantic Commerce Center, a 853,520-square-foot industrial property in Jessup, Md. The retailer is set to use the space as a distribution center. Newmark represented the landlord, Grandview Partners, and CBRE assisted the tenant.
According to CommercialEdge data, Greenfield Partners acquired the asset this year, for $88 million. The landlord implemented several improvements, including an upgraded roof, new electrical system and a 123,000-square foot expansion. The site also features new trailer and employee parking. The property is 92 percent leased.
Located at 7600 Assateague Drive on 47 acres, the center is within 1 mile of Interstate 95. Baltimore/Washington International Thurgood Marshall Airport is 10 miles from the facility.
Newmark’s team included Senior Managing Director Brian Kruger, Managing Director Bobby Clements and Associate Erik Evans. Recently, another Newmark team arranged the sale of a newly built, 82,900-square-foot logistics property in San Jose, Calif. Panattoni Development Co. sold the fully leased asset.
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