Facade Contractor Buys Industrial Building in Baltimore County for $10M – Commercial Observer
Pioneer Cladding & Glazing Systems, an exterior facade contractor, has acquired 1407 Parker Road, a 103,640-square-foot industrial property in Halethorpe, Md., for $10.3 million.
The sale also included an adjacent .58-acre parcel at 1441 Knecht Avenue that will be utilized for parking and outside storage.
MacKenzie Commercial Real Estate Services represented the seller, Pitts Realty.
The building served as the headquarters for nearly three decades for David Edwards Furniture, a high-end furniture maker owned by the Pitts family, an entity that was acquired by Kimball International in late 2018. The Pitts family retained ownership of the building and negotiated a lease-back arrangement with Kimball, before the Indiana-based group decided to consolidate operations and close this facility last year.
“There was a high level of interest from both users and investors,” Daniel Hudak, a senior vice president and principal of MacKenzie, told Commercial Observer. “The industrial real estate market remains a highly sought-after asset class driven by record low vacancy levels, increasing rental rates and favorable lending environment.”
Originally built in 1960, the industrial building features nearly 8,000 square feet of office space, five loading bays, eight interior dock positions and 62 surface parking spaces.
Pioneer currently operates five project-management, engineering and fabrication shop locations throughout the U.S., including two in the greater Maryland area. The company noted it would maintain its existing project-management facility in the Elkridge area and relocate its current fabrication shop on Alco Place in Halethorpe to the new space.
“Pioneer is a highly respected manufacturer within its industry with a strong foothold regionally,” Hudak said. “They recognized the value of the existing infrastructure left behind by Kimball and acted decisively to emerge as the winning bidder.”
Recent MacKenzie data shows the vacancy rate for warehouse/industrial product in the Baltimore County Southwest submarket is 5.3 percent, and 3.7 percent in the larger BWI corridor.
Joining Hudak on the deal was MacKenzie’s Andrew Meeder. The new owner was self-represented, and the building was unoccupied at the time of the sale.
Keith Loria can be reached at Kloria@commercialobserver.com.