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CBRE Global Investors Snags 550K-SF Cold Storage Facility in Maryland

A fund sponsored by CBRE Global Investors has acquired the Principio Commerce Center II, a 550,050-square-foot cold storage and distribution facility in North East, MD. The sales price was undisclosed.

Located at 585 Principio Parkway West, the facility is currently fully leased to a major specialty food distributor. The building currently features 154,000 square feet of dedicated freezer and cooler space, as well as 36-foot clear heights, 195 trailer drops and 5,000 AMP service.

“We believe that this particular asset is located in a highly strategic part of the country, affording the tenant access to major metropolitan hubs in both the Northeast and Mid-Atlantic regions,” said Kim Hourihan, portfolio manager at CBRE Global Investors.

“Both Philadelphia and Baltimore are within an hour drive of the property. The accessibility to I-95 affords the user the ability to complete two round trips per day to service the New York, New Jersey and Philadelphia markets.”

Bruce Strasburg, Dave Dannenfelser, Jay Wellschlager, Tyler Boykin and Craig Childs of JLL represented the seller, Stewart Properties, in the transaction.

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

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