JLL Leads Acquisition of 1200 E. Patapsco Avenue
250,000 square foot industrial property expands footprint for Strata Equity Group
Baltimore, MD, January 18, 2022 – JLL announces today the acquisition of 1200 E. Patapsco Avenue in Baltimore, Maryland by San Diego-based Strata Equity Group. The 250,000 square foot rail-served logistics warehouse is situated on 23 acres and is the company’s first industrial investment in Maryland. The acquisition comes on the heels of recent strategic sales totaling over 17,000 multifamily units. This is also Strata’s first investment in partnership with Argos Capital Partners, a St. Louis, Missouri-based independent, private investment management firm.
The off-market transaction was led by JLL’s Greg Ferraro, Bill Prutting, and Craig Childs and includes anchor tenants S.H. Bell Company, ModuTech, and Ruppert Landscape. JLL’s debt team of Susan Carras, Drake Greer, and Evan Parker sourced the financing on behalf of Strata.
“Strata is focused on value-add properties and 1200 E. Patapsco presented just that,” noted David Michan, Strata’s CEO. “The strong mix of existing tenants coupled with continued record-setting industrial demand within this region made this a very attractive opportunity for us.”
The property site is within a day’s drive of 56 million people and is set to benefit from the Howard Street Tunnel infrastructure project. Nearby development activity also suggests increased institutional investment on the Fairfield and Curtis Bay side of The Port of Baltimore. The Port ranks first in the nation in handling automobiles, light trucks, farm and construction machinery, imported sugar, and gypsum. Its private and public terminals handled 857,890 autos and light trucks in 2019, the second time passing the 800,000 mark and the most of any U.S. port for the ninth straight year.
For more information about Maryland’s rapidly growing industrial market, visit https://www.us.jll.com/en/locations/mid-atlantic.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Strata Equity Group
Strata Equity Group is a privately held real estate investment and management company founded by Carlos D. Michan in 1983. The Company is led by Carlos and his son, David, who serves as Chief Executive Officer. The organization operates at an institutional scale throughout the U.S., primarily focused on the execution of Strata's core strategy of ownership and management of value-add multifamily and commercial/industrial properties. Additionally, Strata acquires undeveloped land to design and entitle for master planned and mixed-use communities providing a sizable supply of lots for national homebuilders. Additional information can be found at www.strataequity.com.
About Argos Capital Partners
Argos Capital Partners concentrates on the needs of a select few ultra-affluent families, enabling them to create highly customized investment solutions. The firm focuses significant efforts on evaluating and structuring quality direct private investments. These investments are all over the country and involve various forms of rental real estate, real estate development and various types of operating companies. Additional information can be found at www.argoscapitalpartners.com.