JLL Capital Markets arranged the sale and acquisition loan for the warehouse
JLL Capital Markets announced today that it has closed the sale of and secured acquisition financing for a fully leased, 313,000-square-foot infill warehouse at 2209 Sulphur Spring Rd. near Interstates 95 and 695 in Baltimore, Maryland.
JLL marketed the property on behalf of the seller, The O’Donnell Group. Aminim Group purchased the asset. Additionally, working on behalf of the new owner, JLL arranged the acquisition loan.
Located in an Enterprise Zone at the northern end of the Baltimore-Washington Corridor, the property features approximately one acre of fenced storage, heavy power, security, 35 loading docks and the potential for 56 trailer drops. Tenants include Liberty Tire Recycling and Indusco Wire Rope and Fittings. Since 2013, the property received approximately $6.5 million of capital improvements invested into the property, including a new roof, T5 and LED lighting, dock seals, 35,000-pound levers, façade accents and two new bridges to traverse and improve access over a stream on the property along with additional loading positions, asphalt and storefronts.
The JLL Capital Markets team representing the seller included Managing Director Jay Wellschlager, Senior Managing Director Bruce Strasburg, Director Craig Childs and Analyst Elizabeth Runge, with local market expertise provided by the building’s leasing team, Dave Dannenfelser and Tyler Boykin. Senior Director Paul Spellman secured the loan on behalf of the new owner.
In 2018, the seller engaged Managing Director Dave Dannenfelser and Vice President Tyler Boykin of JLL Agency Leasing to lease the property, which they purchased in December of 2017 with a pending full building vacancy. Within just 12 months, the team successfully brought the vacant warehouse to full occupancy with an average lease term of more than seven years.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
About The O’Donnell Group
The first O’Donnell development partnership was created in 1972. Since then, The O’Donnell Group has developed or acquired over 23,000,000 square feet of industrial and office business parks in California, Washington, and Alaska. Over the years, The O’Donnell Group has consistently been ranked among the top developers in the state of California.
About Aminim Group
Aminim Group is a privately held, boutique commercial real estate investment company led by industry veterans. Aminim has purchased more than 10,000 apartment units in the United States, and around 900,000 square feet of industrial and other commercial space. Aminim focuses on acquiring and investing in multifamily, residential, industrial and logistics commercial real estate in growth markets.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
