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| Principio Commerce Center II, 585 Principio Parkway West, North East, MD |
WASHINGTON, DC, June 3, 2020 – JLL Capital
Markets announced today that it has closed the sale of Principio Commerce
Center II, a new, fully leased, Class A, 550,050-square-foot cold storage
distribution facility in the Baltimore-area community of North East, Maryland.
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| Bruce Strasburg |
JLL marketed the property on behalf of the seller, Stewart
Properties, which developed the property. CBRE Global Investors purchased the
asset.
Principio Commerce Center II is fully leased to KeHE
Distributors, LLC, one of the oldest and most respected natural food
distributors in the industry.
Completed
in February 2020, the property features 36-foot clear heights; LED lighting;
wide column spacing; loading positions including 43 dry, 14 cold and 36
additional punch-outs; four drive-in doors; and significant freezer and cooler
buildouts.
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| Dave Dannenfelser |
This inter-company partnership allows Stewart Properties to provide an
efficient, turnkey deliverable solution.
Principio Commerce Center II is at 585 Principio Parkway
West within the Principio Business Park less than 1.25 miles from
Interstate 95, the primary East Coast distribution arterial.
It is also located at the midpoint between
the greater Baltimore and Philadelphia metropolitan regions and is proximate to
the Port of Baltimore, one of the country’s most efficient deep-water ports.
The JLL Capital Markets team representing the seller was led by
Senior Managing Director Bruce Strasburg, Managing Directors Dave
Dannenfelser and Jay Wellschlager, Senior Vice President Tyler
Boykin and Associate Craig Childs.
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| Jay Wellschlager |
JLL Capital Markets is a full-service global provider of capital
solutions for real estate investors and occupiers.
The
firm's in-depth local market and global investor knowledge delivers the
best-in-class solutions for clients — whether investment advisory, debt
placement, equity placement or a recapitalization.
The
firm has more than 3,700 Capital Markets specialists worldwide with offices in
nearly 50 countries.
For more news, videos and research
resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
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| Tyler Boykin |
About JLL
JLL (NYSE: JLL) is a leading professional services firm that
specializes in real estate and investment management.
JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities.
JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities.
JLL is a Fortune 500 company with annual
revenue of $18.0 billion, operations in over 80 countries and a global
workforce of more than 94,000 as of March 31, 2020.
JLL
is the brand name, and a registered trademark, of Jones Lang LaSalle
Incorporated. For further information, visit jll.com.
About Stewart Properties
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| Craig Childs |
Stewart Properties is the real estate development and investment
company of the Stewart Companies group.
With
offices in York, Pennsylvania, and at the historic Principio Furnace in
Perryville, Maryland, they are a Mid-Atlantic leader in real estate leasing and
development with over two million square feet of office, flex and retail space,
4,000 acres under residential, industrial and commercial development and 8,000
additional acres for development.
CONTACT:
Kimberly
Steele
JLL
Senior Associate
Public Relations
Phone: +1 713 852 3420
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