Cushman & Wakefield of Maryland, Inc. arranged the sale of 4000 Principio Parkway in North East to Cole Real Estate Investments, a real estate investment trust.
Cushman & Wakefield’s capital markets team of Cristopher Abramson, Brian Kruger, Nicholas Signor and Jonathon Chalkley coordinated the disposition of the property on behalf of the seller, Weeks Robinson, a private real estate investment and development company. 4000 Principio Parkway is a fully leased, facility. Reported selling price was $74 million.
The Baltimore Sun reported the distribution center market is hot in Harford and Cecil counties with low vacancy rates. Cecil County is also the home to a massive Ikea distribution center in nearby Perryville.
Weeks Robinson purchased the existing 600,000-square-foot distribution center in August 2011 and expanded the building by an additional 600,000 square feet in 2012. The entire 1.2-million-square-foot property is leased to Restoration Hardware It serves as a mission critical facility to Restoration Hardware, and is their largest distribution center in the world.
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