CBRE Represents Criterion in $13.75 M Acquisition of Two Industrial Sites in Baltimore County

CBRE is pleased to announce the recent sale of two industrial land sites in Baltimore County (East), Maryland valued at $13.75 million total. The properties are located at 216 Earls Road and 9813 Philadelphia Road and both transactions closed recently.

The 9813 Philadelphia Road site is a fully paved, 20-acre lot in Rosedale, Maryland. The property was listed and successfully leased in its entirety to a Triple A credit tenant within five months of Criterion’s acquisition of the land. The 216 Earls Road site is a 10-acre industrial outside storage property in the Middle River area of White Marsh, Maryland, and was an automobile salvage yard.

CBRE’s Ketch Secor and Alan Grace represented the Criterion Group, LLC in both of the sales transactions and in the lease of 9813 Philadelphia Road. CBRE is actively marketing the 216 Earls Road site for lease.

“It was a pleasure working with Criterion on these two transactions, as they are growing rapidly in the industrial outside storage space along the East Coast,” said CBRE First Vice President Ketch Secor. “We were able to find a credit tenant for the entire Philadelphia Rd property in a short time, and able to navigate the closing of Earls Rd during a volatile interest rate environment. This reflects the nimbleness and performance capability of Criterion.”

According to CBRE’s Baltimore Industrial Market Figures Q2 2022 report, industrial tenants in Baltimore recorded 2.6 million square feet of gross leasing during the quarter, marking a 16 percent decline from the 2021 quarterly average of 3.1 million square feet. Rental rates in the Baltimore-Washington Corridor continue to climb at blistering rates, while historic land constraints and strong competition have left existing availabilities for class A product in short supply. CBRE predicts that both traditional and ecommerce sales will finish 2022 on par with 2021, and that it will take a significant decline in sales to cancel occupiers' expansion plans.