CBRE has completed the sale of the McGaw Commerce Center, a 281,055-sqaure-foot, three-building industrial complex in Columbia, MD. Buligo Capital Partners purchased the complex from Griffith Properties, LLC, for $41.5 million.

CBRE’s Bo Cashman and Jonathan Beard arranged the transaction on behalf of the seller.

“The McGaw Commerce Center presented willing investors with a rare value opportunity in the Baltimore-Washington corridor with significant leasing upside,” said Cashman. “Given the below-market rents that were in-place, the current rent roll’s near-term lease expirations and the lack of opportunities for tenants elsewhere in the market (just 3.4% market vacancy), the new ownership is poised to benefit from the strongest market fundamentals on record.”

 The is comprised of three shallow-bay distribution facilities in the Baltimore-Washington Corridor with immediate access to I-95.

According to CBRE’s Q4 2021 Baltimore Industrial MarketView, net absorption surpassed 7 million square feet in 2021, making it the second-highest year on record behind 2019.