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Aerial view of the business park where 7448 Candlewood Road is located in Hanover. (Photo courtesy of CBRE)

Hanover industrial building sells for $18M

Hartz Mountain Industries Inc. has purchased a Class A industrial space in Hanover for $18.71 million.

The company purchased the building, located at 7448 Candlewood Road, from CBRE Global Investors LLC and announced the acquisition on Monday.

“Industrial investors are now focused on finding value-add opportunities in core markets, and the Baltimore-Washington Corridor is no exception. Pricing for the market’s stabilized industrial assets exceed 2007 levels, and opportunities such as 7448 Candlewood, where a re-tenanting initiative is needed, are highly desired,” Jonathan Beard, senior vice president of CBRE Institutional Properties, said in a news release.

The space is currently 100 percent leased by a Coca-Cola bottling plant. But the soft drink manufacturer will be moving its operations in the fourth quarter of this year. The building has 28-foot clear heights, loading on three sides and ample car parking.

The 278,586 square-foot building is also located just on the west side of Baltimore Washington International Thurgood Marshall Airport.

This area of West Anne Arundel County has experienced a development boom in recent years. The growth, especially in the Route 175 corridor, has been pushed by cybersecurity firms relocating to the Fort Meade area because it is the home of the U.S. Cyber Command.

Growth along Route 100 has also been increasing because of its proximity to Fort Meade, but Arundel Mills and Maryland Live Casino are also driving development in that portion of the county. In fact the demand for office space has become so great that the massive Arundel Preserve development recently changed to include office space in the mixed-use development.

About 71 percent of all major commercial developments being proposed or in the pipeline in Anne Arundel County in 2013 and 2014 are located near the Route 175 and Route 100 corridors.

The company has also been touting the building’s location, which gives it quick access to both the extended Baltimore and Washington markets.