News Article

Colony Realty acquires 429,000 s.f. BWI portfolio


(5/14/2010) Colony Realty Partners paid $16.9 million May 6 for a trio of industrial properties in the Baltimore-Washington Corridor, yet another sign that investors’ appetite for investment properties in Greater Baltimore is on the rise.

The Boston real estate firm bought the properties in Jessup and Savage from Invesco Ltd. (NYSE: IVZ). Invesco is looking to raise money to invest in other parts of the country, said Transwestern broker Matt Gannon, who represented Invesco in the deal along with fellow Transwestern brokers Jim Darby and Tom Gentner.

The properties, at 8700 Larkin Road, 8263 and 8265 Patuxent Range Road, are 83 percent leased to tenants including Carvel Ice Cream, Market Day Inc., Aireco Supply Inc. and Calico Industries Inc. Combined, the warehouses total 429,100 square feet.

Another prospective buyer put the portfolio under contract in the fall but backed out of the deal after failing to line up financing for the purchase, Gannon said Friday. Colony paid cash for the properties and beat out 14 other interested bidders.

The deal is part of what’s been a busy 2010 for investment building sales and follows AMB Property Group’s purchase of a pair of Glen Burnie industrial buildings for $23.5 million last month.

Many real estate companies spent the past year trying to raise cash and refinance their debt, and Gannon said he believes those efforts have begun to result in a growing number of deals across the Baltimore-Washington, D.C., region.

By Daniel J. Sernovitz, Staff

© 2010 American City Business Journals, Inc. and its licensors.

Link to the article: Colony Realty acquires 429,000 s.f. BWI portfolio

Source: Baltimore Business Journal