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CBRE brokers $11.6M sale of Hanover property

CBRE this week brokered the $11.6 million sale of a fully-leased, multi-tenanted industrial building in the Baltimore-Washington corridor. A group affiliated with the Industrial Income Trust Inc. purchased the rear loaded, flexibly designed property located at 7463 New Ridge Rd. in Hanover from an affiliate of Bavar Properties Group LLC. “Industrial assets in this region continue to attract some of the most aggressive capital in the country due to projected rent growth,” said CBRE Senior Vice President Bo Cashman. “This property presented a rare opportunity for an investor to buy into in a high-demand market that is otherwise constrained by a lack of developable land and a high cost of new construction.” The property is east of the Baltimore-Washington Parkway’s Route 100 exit. It was built in 1981 and expanded in 1996 and features 32- to 40-foot clear ceiling heights and a total of 198,369 square feet. ***** The tech company BYTEGRID this week announced completion of a major expansion and infrastructure upgrade at its ultra-secure data center called MDC1 in Silver Spring.

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