02.27.12 Kenwood Pays $3.35M for Laurel Industrial Asset

Kenwood Cherry Lane, LLC, an affiliate of Kenwood Management Company, has acquired the Cherry Lane Business Center, a 48,000 square foot small bay warehouse building in Laurel, MD, for $3.35 million, or $69 per square foot.

The asset was developed in 1986 by Ken and Murray Zawatsky. Their heirs, under KM Cherry Lane LLLP, sold the asset to Kenwood. The property was 71 percent leased at time of sale.

The seller was represented by Bob Filley and Ken Marks from Transwestern Commercial Services. Kenwood was represented internally by Bill Singer.

Kenwood has engaged Michael Schroeder and Ken Fellows from Edge Commercial to assist with the leasing efforts.

The building features 34 units of approximately 1,500 square foot bays. Current tenants include APC Postal, an international postal logistics operator and NFG Associates, a computer networking company.

The asset is located off of Route 1 less than one mile from the soon-to-be renovated Laurel Mall and approximately two miles from the future Inter-County Connector (ICC) and Route 1 interchange.

"This asset represents a terrific opportunity based on its current yield, which will increase with new leasing," said Singer. "The property's bay size offers great flexibility to tenants and easy access to Fort Meade via Route 198 and to Montgomery County via the ICC."

Kenwood's current portfolio is 1.2 million square feet of office and warehouse space that spans from downtown Baltimore to Northern Virginia.

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