Daily Record Staff//March 29, 2023
//March 29, 2023
Triten Real Estate Partners, a Houston-based commercial developer and management firm with a focus on industrial outdoor storage (IOS), Wednesday expanded its growing portfolio with the acquisition of a 10-acre outdoor storage yard at 2150 Northbridge Ave. in Baltimore.
Danny Coffman, principal at Triten Real Estate Partners, was presented the off-market opportunity through Triten’s brokerage representation, Tyler Boykin and Oliver Fryer with Cushman & Wakefield. Ketch Secor, with CBRE, represented the seller. Triten was selected from multiple offers due to their level of experience with this niche product type with a large presence at the Helen Delich Bentley Port of Baltimore.
The property is located on Fairfield Peninsula/Wagner’s Point, one of the primary RoRo (Roll-on, Roll-off) terminals at the Port of Baltimore, and neighbors Interstate 895 and the entrance to the Baltimore Harbor Tunnel.
It is zoned maritime industrial, which allows for a variety of industrial uses. Properties located within the Port of Baltimore are critical to the operations of logistics companies, where the cost of drayage and storage within the Port outweighs the cost of renting land to store their products.
Because of the recent expansion of the Seagirt/Dundalk terminal, added RoRo capacity at Tradepoint Atlantic, and a slowdown in the importing and exporting caused by supply chain constraints, the demand for RoRo sites on the peninsula, similar to 2150 Northbridge, has slowed. In return, this presents a prime opportunity for industrial development which has been unavailable to accomplish in recent years. Currently, the entire 10-acre IOS site is available for lease, though Triten is positioning themselves for a potential re-play on use for the location.
At the end of 2022, Baltimore’s total square feet of newly delivered industrial product was 5.8 million square feet with prelease rate of 78%. This market continues to be one of the fastest-growing industrial markets in the U.S. and Triten continues to work diligently on growing their portfolio as this demand increases. Triten’s total portfolio stretches across 11 tier one markets in the U.S. with more than 50 sites in the company’s IOS portfolio.