WASHINGTON, D.C. – February 25, 2016 – Trammell Crow Company (TCC) and its partner, Principal Real Estate Investors (PrinREI), announce the acquisition of 7565 Harmans Road in Hanover, Maryland. The former Kop-Flex site, comprised of 26.5 acres situated in the heart of the Baltimore-Washington Industrial Corridor, will be the future home of BW Gateway, a state-of the art, 2-building, Class A industrial complex totaling 290,000 square feet. Construction will start immediately.
“TCC is pleased to have acquired this premier site and to have partnered with Principal, a long-standing partner of ours,” said David Neuman, Principal of TCC’s MidAtlantic Business Unit. “With construction commencing immediately, we feel confident that our timing of delivering a best-in-class project to the BW Corridor in late 2016 will be ideal. We look forward to an upcoming market event to showcase the future project in further detail to the brokerage and tenant community.”
TCC contracted for the site in 2014 and worked through a host of approvals, procuring all entitlements in 2015. BW Gateway will contain two rear-loaded buildings comprised of 151,000 and 138,000 square feet of 225 and 230 feet deep, respectively, with a shared truck court of 200 feet. The 32-foot clear buildings will have all the features sought after by discerning users including ESFR sprinkling, T-5 lighting, generous column spacing with 60’ speed bays, heavy W-3 industrial zoning, redundant and oversized power capacity with dual substations, dock ratio of nearly 1 per 4,000 square feet, above standard car parking, and more than 45 available trailer spaces.
BW Gateway sits within 1.5 miles of two exits onto Route 100, providing easy access to the entire region and offering tenants unparalleled visibility from Route 100.
”We believe Class A industrial users are currently underserved within the BWI/Anne Arundel submarket and BW Gateway is designed to help meet that pent up demand” said Rob Klinkner, Regional Managing Director with Principal Real Estate Investors. “Principal is thrilled to be continuing its strong relationship with TCC by jointly developing within the BW Corridor.”
The project’s general contractor is Glen Arm Building Company of Towson, MD and its architect is MGMA of Falls Church, VA. TCC & PrinREI would like to extend its gratitude to Matt Laraway of Chesapeake Real Estate Partners and Curt Stanton of Paine/Wetzel Associates, who represented the Seller and Robert Clements of KLNB who represented TCC and PrinREI in the transaction.
Robert Clements and Bob Smith of KLNB have been appointed leasing agents for the project.
About Trammell Crow Company
Trammell Crow Company (TCC), founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. The Company has developed or acquired nearly 2,600 buildings valued at nearly $60 billion and over 540 million square feet. As of December 31, 2015, TCC had $6.7 billion of projects in process and $3.6 billion in its pipeline.
Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 16 major cities throughout the United States. The company serves users of and investors in office, industrial, retail, healthcare, multi-family residential, through its operating subsidiary High Street Residential, and mixed use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet its clients’ needs. For investor clients, the company specializes in joint venture speculative development, acquisition/re-development ventures, build-to-suit development, or providing incentive-based fee development services.
TCC is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, and the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). For more information visit www.TrammellCrow.com.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $63.2 billion in commercial real estate assets . The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.