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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.

The company’s expansion adds two new UPS systems, providing 3.6 megawatts of load power, officials said. The extra juice will allow an increase in power capacity to serve the demands of both expanding IP traffic, video, virtualization and the cloud computing needs of today’s enterprises and agencies. BYTEGRID is located within the metro Washington data center market and the federal government and Maryland’s Cybersecurity Triangle.

Art Jacoby, the Tech Council of Maryland’s Chief Executive Officer, said the expansion puts a Maryland-based company in demand for data center operations.

“Until now, the vast majority of multi-tenant enterprise-class data center options for the metro Washington area have been concentrated in Ashburn, Va.,” Jacoby said. “BYTEGRID’s campus is situated central to the state’s growth sectors including cybersecurity, healthcare and life sciences. We are very excited to see the emergence of such needed Maryland data center capacity to support the state’s growth sectors and new economic initiatives.”

The Montgomery County facility is equipped with 22 megawatts of back-up generator capacity and 9 megawatts of available UPS critical load power delivered in a variety of densities to meet specific customer needs.


Baltimore’s Oasis Design Group, a landscape architecture and urban design firm, recently snagged a 2012 Merit Award from the Maryland and Potomac chapters of the American Society of Landscape Architects.

The winner was the conversion of a 33-acre brownfield site called Justison Landing in Wilmington, Del., the first phase of a $500 million project that will ultimately result in 260 condominiums, 50 townhouses, 184 loft units, 196 apartments, 98,000 square feet of retail space and 300,000 square feet of commercial space.

Oasis designers have primed the site to become an environmentally friendly, urban mixed-use riverfront community, including creation of an urban street scene with a hierarchy of streetscape treatments for a new, 12 city-block grid, public open spaces with passive and active activities and “people-friendly” connections to the river, a release from the company said. Also, the area contains a centralized plaza “with a raised intersection is reminiscent of traditional European plazas.”


The buzz of activity in the Mt. Royal area of the city at the University of Baltimore will produce two spectacular new buildings in the next year — a new privately owned student residence called The Varsity on Maryland Avenue at Biddle Street and the new John and Frances Angelos Law Center on Charles Street at Mt. Royal.

The red-brick Varsity opens this fall and will offer 323-beds in 114 units with a Dunkin Donuts in the lobby. The law center will stake its claim as a new city landmark through its modern, all-glass façade that, when it opens in a year, will add elegance to the eclectic surroundings nearby, including the controversial he/she sculpture at Penn Station.


TIDBITS: KBE Building Corp. and CTA Construction were recently awarded the 2012 Project of the Year Award for the renovation of Beverly High School in Beverly, Mass., from the Construction Management Association of America’s New England Chapter. The $68 million project included a 113,000-square-foot renovation and a four-story, 147,000-square-foot addition and upgrades to the school’s 27,000-square-foot field house, 752-seat auditorium, kitchen, cafeteria, fitness room, and locker rooms. … Vein Clinics of America has opened a new treatment center at the Annapolis Towne Centre. Developer Greenberg Gibbons said this week the clinic will offer two non-surgical, in-patient procedures — Endevenous Laser Treatment and Ultrasound-Guided Sclerotherapy — to treat an assortment of vein-related conditions. The clinic will be located in a 4,393-square-foot space on the Towne Center’s second level, next to About Faces Day Spa and Salon. … This week, Baltimore Mayor Stephanie Rawlings-Blake launched an Internet-based building permit system for homeowners, developers, and contractors to apply for building permits. The system can be found through the Baltimore Housing website at .. A crowd of about 100 gathered Thursday for the groundbreaking of the Water’s Edge Events Center in Harford County. The 31,588-square-foot facility is expected to be finished next summer and is located in a quiet cul-de-sac on the waterfront near the Chesapeake Bay in Belcamp, off of Route 40, in an office park. Developer Clark Turner is marketing the space for private parties, business gatherings and wedding receptions.