The Goldstar Group has purchased an 86,236-square-foot industrial warehouse near the Port of Baltimore for $7.6 million.
The property at 1821 Portal St. in Baltimore is adjacent the Dundalk and Seagrit marine terminals and the Intermodal Container Facility at the port. The property was delivered in 1986 and is 100 percent leased.
“This investment-grade asset will provide immediate long-term cash yields to our investor group and we believe 1821 Portal St. contains every key fundamental to continue to increase in value throughout our ownership,” The Goldstar Group’s CEO Michael Brodsky said in a statement. “High-quality industrial space in Baltimore city remains at a premium with end-users attracted to the Port of Baltimore’s nearby manufacturing operations.”
CBRE Senior Vice President Jonathan Beard and first Vice President Justin Mohler represented the seller in the deal.
In a report on the second quarter performance of Baltimore’s industrial market released on Monday, CBRE described the sector as having “strong fundamentals and tight vacancy.” The firm projected industrial properties to continue producing “slow but steady” boosts in rent.
Industrial sales reached $450 million in the second quarter. There is currently 3.5 million square feet of industrial space under construction, according to CBRE. That’s a decline from the start of the year and is attributed to the delivery of a 1.5-million-square-foot warehouse at the Tradepoint Atlantic development.