A fund sponsored by CBRE Investment Management - formerly known as CBRE Global Investors - has acquired a 716,490-square-foot bulk logistics asset known as North East Gateway. Located at 200 Gateway Drive in North East, Md., North East Gateway is a Class A facility that was developed by Trammell Crow Company and delivered to the market in 2020. The investment is aligned with the firm's commitment to investing in quality logistics products in growing industrial markets across the U.S.
North East Gateway is a cross-dock facility that features 40' clear heights, two points of ingress/egress, 6,000-amp electric service, ESFR sprinklers, LED lighting fixtures, and ample auto and trailer parking. The building is currently 100 percent leased to a single user.
"We believe that the property's location within the I-95 North submarket benefits from strong market fundamentals, access to quality labor, and the rising costs in construction, which are driving up rental rates in the area," said Larissa Belova, Portfolio Manager for CBRE Investment Management.
North East Gateway is situated 1.5 miles from I-95, the major north/south thoroughfare of the East Coast. The MSAs of Baltimore (located 40 miles south) and Philadelphia (located 60 miles north), which total approximately 10 million people, can both be accessed within one hour's drive. Two round trips per day can be made to service the New York, New Jersey and Philadelphia markets. The location also provides users access to the Port of Baltimore, CSX and Norfolk Southern freight services, and the BWI Airport.
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $133.1 billion in assets under management* as of September 30, 2021, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world's largest commercial real estate services and investment firm (based on 2020 revenue). CBRE has more than 100,000 employees serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE's data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.
*Assets under management (AUM) refers to the assets under management, fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management's presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.
CBRE Clarion Global Real Estate Income Fund published this content on 05 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 November 2021 14:37:01 UTC.