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Solley Road Dist. Center Update 02/02/23

Brennan Acquires 16 Acres in Glen Burnie, Maryland

Brennan Investment Group ("Brennan"), a private real estate investment firm that acquires, develops, and operates industrial facilities throughout the United States, has made its second acquisition in the Baltimore-Washington Corridor, acquiring approximately 15.82 acres of vacant land along Solley Road in Glen Burnie, Maryland. Brennan intends to develop a state-of-the-art, modern, distribution building totaling approximately 80,275 SF. The building is slated for completion in late 2023 and is intended to be the first of several future investments in the area.

"Acquired through an off-market transaction, this investment demonstrates our team's ability to source land opportunities and then create value by developing Class A, institutional assets," said Chris Massey, Managing Principal for the Mid-Atlantic and Northeast region. "This is an ideal location for distributors to service the larger regional population throughout the B-W Corridor. We have an excellent building design which can accommodate both high employee counts as well as high trailer requirements."

The property has superior interstate access via I-695 and is a 12-mile drive from the Baltimore-Washington International Airport. The building is designed to accommodate one or two tenants and will provide best-in-market car parking and trailer parking ratios.

"The Baltimore Industrial market has seen robust activity over the past few years. The market's 3% vacancy, coupled with double-digit rent growth, and 1.4M SF of positive net absorption over the last four quarters, demonstrates excellent fundamentals," observed Scott McKibben, Chief Investment Officer and Managing Principal of Brennan. "The market is well-positioned for continued growth and will continue to see high levels of tenant demand."

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