Loan Secured for New Baltimore Industrial Facility
July 31, 2019
BALTIMORE, MD – Trammell Crow Company (TCC) along with development partner, Diamond Realty Investments (DRI), is pleased to announce that it has closed on a $26 million construction loan from BMO Harris Bank for the development of North East Commons, a new 716,490 square foot, Class A speculative distribution facility located along the I-95 corridor north of Baltimore, MD. Construction commenced Q2 2019 and is scheduled to complete in Q1 2020.
“In recent years, this submarket has seen significant growth in big box industrial development, welcoming high-end, well-known tenants,” said Matt Nunn, Vice President with TCC’s NE Metro Business Unit. “The lowest vacancy in decades, combined with a limited number of large parcels along I-95 that can cater to big box tenants has created a favorable environment for new speculative development.”
Situated on a 60-acre parcel, North East Commons was designed with best-in-class building features including 40’ clear heights, 8” strategically reinforced concrete slab, and 1 per 7000 square foot dock door ratios. The site design caters to single and multi-tenant users and features significant car and trailer parking, numerous ingress and egress points, multiple queuing lanes for trucks entering the facility. The site is also rail capable, expanding the potential user base significantly.
The site is located within a Maryland Enterprise Zone, which offers a myriad of incentives for tenants and the community including a 10-year credit against local real property taxes on a substantial portion of the project improvements. For tenants, there are also credits available for every job created in the zone.
The site is located approximately 45 miles north of Baltimore and 60 miles south of Philadelphia, in the heart of Baltimore’s I-95 north submarket. The site directly fronts Route 272 within 1 mile of Exit 100 of I-95, the major north-south highway on the east coast.
Trammell Crow Company
Trammell Crow Company (TCC) is a global commercial real estate developer and wholly-owned subsidiary of CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas. Founded in 1948, TCC has developed or acquired nearly 2,900 buildings valued at $75 billion and over 655 million square feet. As of September 30, 2023, TCC had $15.4 billion of projects in process and $14.5 billion in its pipeline. It employs 650 professionals in 28 major cities throughout the United States and Europe. The company serves users of and investors in office, industrial/logistics, healthcare, life sciences and mixed-use projects, as well as multi-family residential through its operating subsidiary High Street Residential. For more information visit www.TrammellCrow.com.