Firm Also Appointed as Leasing Agent for Planned 210,000-Square-Foot Industrial Building
Hagerstown, MD – Leading global commercial real estate services and investment management firm Colliers (NASDAQ and TSX: CIGI) announces it has facilitated the sale of an industrial property located in Hagerstown, Maryland. A Colliers Maryland Industrial team comprised of Senior Vice Presidents Thomas Gentner, Brian Siegel, SIOR and Brian Watts as well as Vice President Jason Sullivan represented the seller, MLD Limited Partnership.
The 46.93 acre property at 12001 Hopewell Road was purchased by Elberon Development Group and The Avidan Group, a joint venture that develops, constructs, owns and manages commercial real estate. The property is leveled and previously was cleared of foliage, with public utilities available at the site. The joint venture plans to develop a nearly 210,000-square-foot industrial building at the site, however, ownership would consider modifying the site plan for a build-to-suit project. Colliers has been appointed as the exclusive leasing agent.
"Demand for industrial buildings is on the rise, and with e-commerce in high demand, companies are looking for real estate along I-81 that are in or near distribution hubs and warehouse spaces," said Gentner. “We are confident the planned building’s proximity to the I-81 corridor will make it a standout opportunity.”
The property is located only two miles from the I-81 and I-70 interchange, providing easy access to Baltimore and Washington D.C. metro areas. The I-81 corridor, one of the east coast’s most heavily trafficked trucking corridors, is a popular location for distribution hubs. A Colliers Q1 2022 report found that positive demand for industrial space in the North Shenandoah Valley market has continued from the previous quarter.