Baltimore, MD | March 29, 2023 -- Triten Real Estate Partners, a Houston-based commercial developer and management firm with a focus on Industrial Outdoor Storage (IOS), expands their growing portfolio with the recent acquisition of a 10-acre outdoor storage yard located at 2150 Northbridge Avenue in the Baltimore City. Danny Coffman, principal at Triten Real Estate Partners, was presented the off-market opportunity through Triten’s brokerage representation, Tyler Boykin and Oliver Fryer with Cushman & Wakefield. Ketch Secor, with CBRE, represented the seller. Triten was selected from multiple offers due to their level of experience with this niche product type with a large Port presence.
The Property is located on Fairfield Peninsula/Wagner’s Point, one of the primary RoRo (Roll-on, Roll-off) terminals at the Port of Baltimore, and neighbors Interstate 895 and the entrance to the Baltimore Harbor Tunnel. The Property is zoned Maritime Industrial, which allows for a variety of industrial uses. Properties located within the Port of Baltimore are critical to the operations of logistics companies, where the cost of drayage and storage within the Port outweighs the cost of renting land to store their products.
Due to the recent expansion of the Seagirt/Dundalk terminal, added RoRo capacity at Tradepoint Atlantic, and a slowdown in the importing and exporting caused by supply chain constraints, the demand for RoRo sites on the peninsula, similar to 2150 Northbridge, has slowed. In return, this presents a prime opportunity for industrial development which has been unavailable to accomplish in recent years. Currently, the entire 10-acre IOS site is available for lease, though Triten is positioning themselves for a potential re-play on use for the location.
“This opportunity, located in the heart of the Curtis Bay terminal, is attractive to a variety of users and makes a great addition to the Triten portfolio,” says Danny Coffman. “Sites that can be utilized for IOS in the near-term and also have long-term development potential are hard to come by. This acquisition is also a testament to Triten’s ability to react quickly to off-market deals and how Triten’s local-market knowledge and ‘boots-on-the-ground’ approach sets us apart from the competition. It was a pleasure to work the team at Cushman & Wakefield, CBRE, and the seller to get this deal across the finish line.”
At the end of 2022, Baltimore’s total square feet of newly delivered industrial product was 5.8 million square feet with prelease rate of 78%. This market continues to be one of the fastest-growing industrial markets in the U.S. and Triten continues to work diligently on growing their portfolio as this demand increases. Triten's total portfolio stretches across 11 tier one markets in the U.S. with over 50 sites in the company’s IOS portfolio. For more information on Triten’s Industrial Outdoor Storage initiatives and portfolio, visit www.tritenios.com