{"id":1004666312,"date":"2023-06-06T03:32:03","date_gmt":"2023-06-06T11:32:03","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004666312"},"modified":"2023-06-06T05:19:52","modified_gmt":"2023-06-06T13:19:52","slug":"artemis-jv-pays-81m-for-mid-atlantic-logistics-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/artemis-jv-pays-81m-for-mid-atlantic-logistics-center\/","title":{"rendered":"Artemis JV Pays $81M for Mid-Atlantic Logistics Center"},"content":{"rendered":"
\"Ace<\/a>

Ace Logistics Center. Image courtesy of MCB Real Estate<\/em><\/p><\/div>\n

A joint venture between MCB Real Estate,<\/strong> Artemis Real Estate Partners <\/strong>and Ace Logistics Services <\/strong>has purchased Tower Logistics Center, an 859,900-square-foot industrial building in Aberdeen, Md. Developers Merritt Properties<\/strong> and BentallGreenOak <\/strong>sold the facility for $80.7 million, as reported by CommercialObserver<\/em>. Ace Logistics will fully occupy the warehouse and anticipates to begin operations at its first Harford County location later this month.<\/p>\n

CBRE <\/strong>represented the sellers, while JLL <\/strong>worked on behalf of the buyers and represented Ace Logistics in the lease deal.<\/p>\n

\n

READ ALSO:<\/strong> Industrial Outdoor Storage\u2019s Growth Spurt Continues<\/a><\/p>\n

\n

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.<\/p>\n

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.<\/p>\n

Industrial assets withstand headwinds<\/h2>\n

Despite economic uncertainty, the industrial sector is maintaining solid fundamentals<\/a>, according to a recent CommercialEdge report. Although transaction volume has dropped significantly\u2014amounting to only $7.7 billion in this year\u2019s first quarter compared to $20.5 billion over the same period of 2022\u2014rents have continued to rise. The average per-square-foot price in the U.S. increased by 7.1 percent year-over-year through March.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ace Logistics Services signed a long-term lease at the 859,900-square-foot facility. <\/p>\n","protected":false},"author":3120,"featured_media":1004666314,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1579,21748,21783,11,21742],"tags":[34570,46487,49291,35650],"class_list":["post-1004666312","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-baltimore","category-industrial","category-investment","category-midatlantic","category-latest","tag-artemis-real-estate-partners","tag-bentallgreenoak","tag-mcb-real-estate","tag-merritt-properties"],"acf":[],"yoast_head":"\nArtemis JV Pays $81M for Mid-Atlantic Logistics Center - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"MCB Real Estate, Artemis Real Estate Partners and Ace Logistics Services acquired an 860KSF industrial building in Aberdeen, Md.\" \/>\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\/artemis-jv-pays-81m-for-mid-atlantic-logistics-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Artemis JV Pays $81M for Mid-Atlantic Logistics Center\" \/>\n<meta property=\"og:description\" content=\"MCB Real Estate, Artemis Real Estate Partners and Ace Logistics Services acquired an 860KSF industrial building in Aberdeen, Md.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/artemis-jv-pays-81m-for-mid-atlantic-logistics-center\/\" \/>\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=\"2023-06-06T11:32:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-06T13:19:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Ace-Logistics-Center-e1686044445769.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1016\" \/>\n\t<meta property=\"og:image:height\" content=\"763\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Radu Corfus\" \/>\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\/artemis-jv-pays-81m-for-mid-atlantic-logistics-center\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/artemis-jv-pays-81m-for-mid-atlantic-logistics-center\/\",\"name\":\"Artemis JV Pays $81M for Mid-Atlantic Logistics Center - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/artemis-jv-pays-81m-for-mid-atlantic-logistics-center\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/artemis-jv-pays-81m-for-mid-atlantic-logistics-center\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Ace-Logistics-Center-e1686044445769.jpg\",\"datePublished\":\"2023-06-06T11:32:03+00:00\",\"dateModified\":\"2023-06-06T13:19:52+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a04f9fc8d7ed936167c8786eb77e39c2\"},\"description\":\"MCB Real Estate, Artemis Real Estate Partners and Ace Logistics Services acquired an 860KSF industrial building in Aberdeen, Md.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/artemis-jv-pays-81m-for-mid-atlantic-logistics-center\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/artemis-jv-pays-81m-for-mid-atlantic-logistics-center\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/artemis-jv-pays-81m-for-mid-atlantic-logistics-center\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Ace-Logistics-Center-e1686044445769.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Ace-Logistics-Center-e1686044445769.jpg\",\"width\":1016,\"height\":763,\"caption\":\"Ace Logistics Center. 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