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. The financial terms and the seller were not disclosed.
Located at 200 Gateway Drive in North East, Md., North East Gateway is a class A facility that was developed by Trammell Crow Co. and delivered to the market in 2020.
North East Gateway is a cross-dock facility that features 40-foot 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 Manag
