Southside Logistics Center, a 483,000-square-foot, Class-A industrial facility under construction in Curtis Bay, was sold for $39.6 million to an affiliate partner of Clarion Partners, a New York-based real estate investment and development firm.
One of the property’s two buildings is expected to be complete in May and the second in August.
Clarion Partners’ industrial group manages a portfolio of more than 900 properties consisting of more than 206 million square feet in more than 78 markets across the U.S and Europe.
The Real Estate Finance business of CIT, a division of First Citizens Bank, served as the sole lead arranger for the loan to purchase the property. Part of the Commercial Finance group, it originates and underwrites senior secured real estate transactions.
CIT is a division of First Citizens Bank, the largest family-controlled bank in the United States. Its parent company, First Citizens BancShares Inc. is a top 20 U.S. financial institution with more than $100 billion in assets.