NAI KLNB brokers sale of Hunt valley industrial building to FRP Development for $8.3 million
BALTIMORE, MD — NAI KLNB has brokered the sale of 10820 Gilroy Rd., a single-story, 115,000 s/f industrial and warehouse building situated in the Hunt Valley section of Baltimore County. Peter Dudley, principal for NAI KLNB represented both the buyer, FRP Development Corp. and the seller, Webb Mason Commercial, LLC in this transaction. The purchase price was $8.33 million.Built in 1967, the building is currently 100% leased to Webb Mason and a division of McCormick & Company. It features twenty-four foot ceiling heights, seventeen loading docks and one drive-in loading dock. The project is surrounded by a surface parking lot and is situated at the intersection of Beaver Dam Rd. and Gilroy Rd., and is within close proximity to I-83 and McCormick Rd.
“FRP Development acquired a strategically positioned building at below replacement cost that is 100% leased,” said Dudley. “Each tenant is well-known and credit worthy which adds to the value of this acquisition.”“FRP Development remains in an active acquisition stance as we strive to increase our platform in markets that make economic and real estate sense,” said David deVilliers, Jr., president of FRP. “We are impressed with the Hunt Valley market, which we believe to be extremely stable and growing, especially with McCormick’s decision to re-locate its headquarters to this location. Our focus is to identify and secure sound real estate holdings in the Baltimore-Washington marketplace, and will continue to seek acquisition opportunities that satisfy our criteria.”