Baltimore-based MRP Industrial, with investment partner Clarion Partners LLC, plans to build a 175,200-square-foot warehouse/industrial building on 11 acres of recently acquired property in Howard County.
MRP Industrial and Clarion Partners acquired the property in Jessup at 7951 Oceano Drive in the Maryland Food Center from GLP Development for an undisclosed amount. Construction on the warehouse/industrial building is slated to begin in the spring of 2019.
“Our team has initiated the marketing process for this highly-flexible building that has been designed to meet the specific real estate needs of companies engaged with logistics, e-fulfillment, manufacturing and warehousing. The Combined Statistical Area of the Washington, D.C.-Baltimore area is approaching 10 million people, which ranks third nationally, and makes this site extremely appealing to satisfy the next day or same day delivery requirements of the American consumer,” D. Reid Townsend, principal of MRP Industrial, said in a statement announcing the deal.
The Baltimore metro’s industrial vacancy rate fell to 6.7 percent in the third quarter of this year, according to a report from CBRE. That is the lowest rate ever recorded by that firm in the market.
Positive absorption totaled 3.5 million square feet through the first nine months of 2018. That already exceeded the 10-year average annual volume of 2 million square feet.
The new single-story building, according to MRP Industrial, will be located on a site formerly occupied by a 244,000-square-foot metal warehouse that collapsed during a snowstorm in 2016. The new building will including recycled existing materials, 32-foot clear ceiling heights, 37 trailer stalls, and 180-foot truck court.
Mark Levy, executive managing director and market leader at JLL, represented the seller in the deal.