The Los Angeles-based Colony Northstar paid nearly $72 per square foot for the portfolio, which totals 2.8 million square feet over 20 properties with the highest concentration located in the Baltimore MSA.
The Mid-Atlantic portfolio, which includes the seven-building DeSoto Business Park in Baltimore, is 94% leased to 64 tenants headlined by McCormick & Co., Price Modern, Sardo & Sons Warehousing, Gourmet Bakery, MXD Group and Capitol Express. The remaining assets total 434,969 square feet and are located in Newark, DE and Aston, PA.
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