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An aerial view of 4305 Lime Kiln Road in Frederick. (Provided by Marcus & Millichap)
Frederick storage property sold for $7.45M
Listen to this articleAn industrial outdoor storage property in Frederick spanning 8.31 acres has been sold to Hampton Yard 17 LLC for $7.45 million, real estate brokerage firm Marcus & Millichap Inc. announced Monday.
Located at 4305 Lime Kiln Road, the property is near the Quantum Frederick data center campus, a 2,100-acre, master-planned hyperscale campus. According to Marcus & Millichap, the data center development drives demand for industrial support uses in the region.
4305 LK Holdings LP was the seller in the transaction brokered by Marcus & Millichap, according to a release.
“Over the course of a 45-day marketing period we generated eight offers for the property, demonstrating continued strong demand for well-located and properly zoned outdoor storage sites,” Marcus & Millichap executive Bryn Merrey said in a release.
“In the end, the property sold to an out-of-area investor. Between the nearby data-center campus being developed and a scarcity of properly zoned outdoor storage sites, there is strong upward pressure on rents, making this a compelling investment opportunity.”
Situated within a general industrial zoning district, the asset includes about 7 acres of usable outdoor storage space and 14,710 square feet of service buildings, according to a release, which also says the property is fully leased on a triple-net basis to Rowan Green Data LLC, a developer of hyperscale data centers.
