MacKenzie Commercial Real Estate Services LLC brokered the sale of 1200 Chesapeake Ave., a single-story building composed of about 31,000 square feet of service/warehouse space for $4.2 million, the company announced Monday.
Andrew Meeder, senior vice president & principal and Daniel Hudak, senior vice president and principal for MacKenzie Commercial Real Estate Services represented the seller, a private ownership group in Baltimore, as well as the buyer, Alterra Property Group LLC in this sales transaction.
The building was occupied at the time of the sale but the tenant is vacating in the third quarter this year. MacKenzie Commercial Real Estate Services was also selected by the new owner to handle all marketing and leasing activities.
Equipped with 18- to 21-foot ceiling heights and 21 drive-in loading doors with drive-though capability, and situated on more than six acres of land, 1200 Chesapeake Avenue is located immediately outside the Fairfield Marine Terminal, is adjacent to the CSX rail line and is a two-minute drive from Interstate 895 and a seven-minute drive from Interstate 95. Dundalk Marine Terminal is approximately seven miles from the site, BWI Airport is approximately nine miles away and Washington is less than 40 miles away.
Headquartered in Philadelphia, Alterra Property Group is a commercial real estate investment, development and management group which owns commercial office, residential and mixed-use developments as well as Industrial Outdoor Storage (IOS) sites. Its APG Living facility manages more than 2,000 upscale residential apartment units.
According to data from MacKenzie Commercial Real Estate Services, the vacancy rate for warehouse/industrial product in the Baltimore metropolitan region stood at 6.6% at year-end 2021 and is expected to trend lower through at least the first half of 2022.
MacKenzie Commercial Real Estate Services is the real estate brokerage arm of The MacKenzie Companies, which operates six full-service divisions addressing all real estate asset classes including MacKenzie Management Company LLC, MacKenzie Contracting Company LLC, MacKenzie Capital, LLC, MacKenzie Investment Group and Datastory Consulting.