{"id":1004126691,"date":"2015-09-02T01:01:18","date_gmt":"2015-09-02T09:01:18","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=359757"},"modified":"2020-04-15T04:33:09","modified_gmt":"2020-04-15T12:33:09","slug":"ny-investor-grabs-east-baltimore-industrial-site","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ny-investor-grabs-east-baltimore-industrial-site\/","title":{"rendered":"NY Investor Grabs East Baltimore Industrial Site"},"content":{"rendered":"<p style=\"text-align: justify;\"><em>By Adrian Maties, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/08\/CBRE-Q2-Industrial.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-359766\" title=\"CBRE Q2 Industrial\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/08\/CBRE-Q2-Industrial.jpg\" alt=\"CBRE Q2 Industrial\" width=\"300\" height=\"133\" \/><\/a>A New York City-based investor has expanded its Baltimore presence with the recent acquisition of a warehouse site.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/skrealtymgmt.com\/\" target=\"_blank\" rel=\"nofollow\">SK Realty Management<\/a> 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 <a href=\"https:\/\/www.cbre.us\" target=\"_blank\" rel=\"nofollow\">CBRE<\/a>, according to\u00a0the <a href=\"https:\/\/www.bizjournals.com\/baltimore\/blog\/real-estate\/2015\/08\/east-baltimore-manufacturing-site-sells-for-19.html?iana=ind_cre\" target=\"_blank\" rel=\"nofollow\">Baltimore Business Journal<\/a>.<\/p>\n<p style=\"text-align: justify;\">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 <a href=\"https:\/\/www.propertyshark.com\" target=\"_blank\" rel=\"nofollow\">PropertyShark<\/a>, the property&#8217;s current market value is $4.1 million.\u00a0BTR Biddle LLC, the former owner, purchased the asset in 2007 for $3.15 million.<\/p>\n<p style=\"text-align: justify;\">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.<\/p>\n<p style=\"text-align: justify;\">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.<\/p>\n<p style=\"text-align: justify;\"><em>Chart courtesy of CBRE<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A 36-acre warehouse site in East Baltimore changed ownership in a $19 million deal.<\/p>\n","protected":false},"author":925,"featured_media":1004507220,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1579,21742],"tags":[],"class_list":["post-1004126691","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-baltimore","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NY Investor Grabs East Baltimore Industrial Site - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/ny-investor-grabs-east-baltimore-industrial-site\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NY Investor Grabs East Baltimore Industrial Site\" \/>\n<meta property=\"og:description\" content=\"A 36-acre warehouse site in East Baltimore changed ownership in a $19 million deal.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/ny-investor-grabs-east-baltimore-industrial-site\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-09-02T09:01:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-15T12:33:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/CBRE-Q2-Industrial.jpg?w=1024\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adrian Maties\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ny-investor-grabs-east-baltimore-industrial-site\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/ny-investor-grabs-east-baltimore-industrial-site\/\",\"name\":\"NY Investor Grabs East Baltimore Industrial Site - 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