First Industrial Sells Six Baltimore Industrial Properties

First Industrial Assets in baltimoreFirst Industrial Realty Trust, Inc. reported Tuesday that it has sold six industrial properties in Baltimore, Maryland for gross proceeds of $28.5 million.

The assets are comprised of approximately 0.4 million square feet of gross leasable area. The buyer was identified as a private equity real estate investment firm.

UPDATE: Two days after this story was posted, CBRE announced it arranged the sale of the Beltway West Industrial Portfolio, six industrial/flex properties on the west side of Baltimore, to Cabot Properties, a private equity real estate fund advisor. The 369,979 square foot portfolio of properties was sold by First Industrial Realty Trust, Inc.

The six properties are located at 2700 Lord Baltimore Drive, 7120-7132 Ambassador Road, 7142 Ambassador Road, 7144-7162 Ambassador Road, 7223-7249 Ambassador Road, and 7200 Rutherford Road in Woodlawn, Maryland. CBRE’s Bo Cashman worked with CBRE’s Jonathan Beard, Senior Vice President, Institutional Properties, in representing the seller in the transaction.

“We expect Cabot Properties to continue to expand its portfolio in the market and use Beltway West as a cornerstone for growth,” said Beard.

As of December 31, 2013, First Industrial said it owned 24 in-service properties in the Baltimore market totaling 1,704,253 square feet.

This included 13 light industrial assets, 7 R&D/Flex properties, 3 bulk warehouses and 1 regional warehouse. The properties were collectively 90 percent occupied.

During the year ended December 31, 2013, First Industrial sold one regional warehouse in the Baltimore market totaling 171,000 square feet.