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Washington DC & Mid-Atlantic  + Industrial  |  January 27, 2021
David Cohen
By: David Cohen

Penzance Acquires 70-Acre Industrial Development Site in Hagerstown

Real estate firm Penzance has acquired a 70-acre industrial development site in the I-81 Industrial Corridor of Hagerstown, MD. The sales price was not disclosed.

The development site is along Wright Road at the Intersection of Interstates 81 and 70 in Hagerstown, which is approximately 3.5 miles north of the Maryland-West Virginia border and 8.5 miles south of the Maryland-Pennsylvania borders. The site is approved for an 825,000-square-foot warehouse with substantial auto and trailer parking. Additionally, the Washington County government, in the conjunction with the developer and funded entirely by Federal grants, will be realigning Wright Road to increase the number of access points to the site to allow for approved connectivity to Interstates 81 and 70, which are less than one mile away.

Jay Wellschlager, Bruce Strasburg, Craig Childs, Elizabeth Runge, Dave Dannenfelser and Tyler Boykin of JLL represented the seller, Washco Management, in the transaction. In addition, a JLL Debt Placement team of Rob Carey, Susan Carras and Paul Spellman arranged acquisition financing for Penzance.

For comments, questions or concerns, please contact David Cohen

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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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