Bisnow Exclusive: Restoration Hardware Warehouse Sells
Want to get a jump-start on upcoming deals? Meet the major Baltimore players at one of our upcoming events!
The houseware retailerâ€™s 1.2M SF Cecil County warehouses sold to a publicly traded REIT for around $75M last week. (It must be the most tastefully lit warehouse on Earth.)
C&W's Cris Abramson (right, with capital markets colleagues Jon Chalkley, Nick Signor, and Brian Kruger) tells us the property drew more than 15 bids and thus pricing for Weeks Robinson's property was competitive. The developer bought a 600k SF, showroom-new building and 84 acres from Bank of America in August 2011. Restoration Hardware leased the existing warehouse in December 2011 and took another 600k SF upon completion. The deal was the biggest Baltimore lease of that year and one of the biggest in the country. Cris tells us his team sold 4M SF of industrial in 2013 and will be marketing more next year. (Sounds like they've earned an extra glass of eggnog.)