The Baltimore office of Marcus & Millichap has sold Minnick Industrial Park, which is located at 5200 Minnick Road, Laurel. The 81,134-square-foot, multi-tenant industrial park sits on 6.73 acres with heavy industrial zoning; it is fully occupied by 13 tenants, most of which are long-term, with rent rates substantially lower than the market average. The buyer was undisclosed.
The deal represents a mix of multi-tenant warehouse space with a significant amount of separately-leased industrial outdoor storage space.
“Most of the tenants had been here for many years and the buyer recognized the opportunity to capitalize on below market rents as leases expire. This was a win-win transaction for both the buyer and seller,” said Bryn Merrey, senior vice president for the firm.