36.5 Acre Yard Buy Signals IOV’s Expansion into the Mid-Atlantic Region

BALTIMORE, MD (August 26, 2022)—Industrial Outdoor Ventures has entered another new market with the value-add driven acquisition of 3501 E. Biddle Street in Baltimore, MD. The terms of the acquisition, from a private Seller, were not disclosed.

In addition to being the company’s first acquisition in Baltimore and the Mid-Atlantic states, the 36.5 AC asset includes a staggering total of 210,031 SF of buildings, which marks the largest building by square footage IOV has acquired in a single property transaction.

“We are excited about this acquisition because it allows IOV to enter a strong market where we’ve been searching for opportunities for quite some time,” said Eric Johnson, Senior Vice President of Development & Acquisitions, Industrial Outdoor Ventures. “We’re eager to continue growing our presence throughout Baltimore and the Mid-Atlantic region in the coming months and years.”

The I-3 zoned facility is fully leased with the exception of a 2-acre section of yard that is currently being marketed for lease. Current tenants on the site include:

  • GAF Materials Corporation, North America’s largest roofing manufacturer, leases 27,589 SF on 21 acres for the storage and distribution of commercial and residential building materials.

  • SH Bell Co.  leases the vast majority of the building SF on site, currently occupying 182,442 SF of warehouse space on 11 acres for material handling and storage.

  • First Student leases 1.5 acres of yard for secured storage of traditional school buses and specialized vehicles.

The acquisition of 3501 Biddle St. follows a traditional, value-add strategy. According to Johnson, while the property is nearly fully leased, there’s a near term value add opportunity with the lease up of the vacant two acres, as well as executing long-term renewals with existing tenants.

McLane Fisher and Graham Savage with Cushman & Wakefield represented the IOV in the transaction and has retained their services to serve as exclusive marketing representatives for the property.

ERIC JOHNSON
Senior Vice President, Development & Acquisitions
Phone: 312.898.2978
Email: eric@iovre.com

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ANTHONY DELAURENTIS
Acquisitions Officer
Phone: 847.595.0263
Email: anthony@iovre.com

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