Triten Buys Industrial Outdoor Storage Assets

1205 68th St., Rosedale. Image courtesy of Triten Real Estate Partners

Triten Real Estate Partners, of Houston, has acquired two infill industrial outdoor storage (IOS) properties along the I-95 corridor northeast of Baltimore from Greenspring Realty Partners, of Lutherville, Md., Triten announced on Monday, January 30.

No dollar amount was disclosed for the off-market transaction, which was sourced by Triten Principal Danny Coffman.

The two properties are at 11235-11239 Philadelphia Road, White Marsh, Md., and 1205 68th St., Rosedale, Baltimore County. They’re about 9 miles apart, and each has ready access to I-95, I-695, I-895 and I-70 and to the Port of Baltimore, Tradepoint Atlantic and downtown Baltimore.

The 15.0-acre Philadelphia Road property is zoned heavy industrial with a special use permit for the dismantling and storage of vehicles. The property operates as an outside storage facility, and is 50 percent occupied with 7 acres available for lease.

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1205 68th St., which is 11.8 acres, is also zoned heavy industrial and operates as a truck terminal and freight facility.

Triten stated that properties zoned heavy industrial and with close proximity to the Port of Baltimore’s Seagirt Marine Terminal “are hard to come by and highly sought after.”

There is significant demand for outside storage in the Baltimore County East submarket due to the container traffic driven by the Dundalk Terminal at the Port of Baltimore, Coffman said in prepared remarks.

Triten, which focuses on industrial service facilities and IOS assets, noted that more than 3.4 million square feet of warehouse space is currently underway in metro Baltimore.

No longer a niche

In August, we reported on the growing interest in industrial outdoor storage, which appears to be transitioning rapidly from its small-scale, mom-and-pop origins into a target for serious amounts of institutional capital. The sector is estimated to be valued at roughly $200 billion, despite issues such as a relative lack of liquidity and concerns around valuation.

Last April, Triten began demolishing the former Market Square Mall in Plano, Texas, on whose site it plans to build Assembly Park, a mixed-use development with 180,000 square feet of Class A creative office space, more than 300 residential units and 16,500 square feet of retail and restaurants. The project is scheduled for delivery late this year.