Invesco JV Inks 1.2 MSF Lease at Mid-Atlantic Warehouse

A partnership between MCB Real Estate, Invesco Real Estate, Curated Development Group, Birchwood Capital Partners and Artemis Real Estate Partners has signed a full-building, 1.2 million-square-foot lease at Currwood Logistics Center, an industrial campus in Hagerstown, Md., totaling more than 1.5 million square feet.

WebstaurantStore, a subsidiary of Clark Associates, will occupy the space and use it as a distribution center, the firm’s largest yet according to Vice President Caleb Clugston. Newmark negotiated on behalf of the tenant, while Cushman & Wakefield represented the landlord.

The new WebstaurantStore location

The developers broke ground on the business park in the fourth quarter of 2022, financing its construction with a $99.7 million loan originated by Wells Fargo Bank, public records show. Project partners included architecture firm MGMA Design and general contractor Clayco.

The recently completed cross-dock warehouse features 40-foot clear heights, 222 dock-high loading doors, four drive-in doors and a 60-foot speed bay. Additionally, the property has 356 trailer stalls and 665 car parking spaces. The other building within the campus is an approximately 291,600-square-foot rear-load facility with 36-foot clear heights, 53 dock loading doors and two drive-in doors.

The facility is at 217 S. Edgewood Drive, less than 3 miles from downtown Hagerstown, near the Interstate 70-U.S. Route 40 interchange. Downtown Washington is 88 miles away, while the Port of Baltimore is 73 miles southeast. Dulles International Airport is within 63 miles.

MCB has a nationwide portfolio of approximately 14.5 million square feet of assets under management, with nearly 4 million square feet in its development pipeline. Last year, the firm partnered with Artemis and Ace Logistics Services for the acquisition of an 859,900-square-foot industrial building in Aberdeen, Md.