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NEW GUY HAS INDUSTRIAL MONEY TO SPEND

Baltimore
NEW GUY HAS INDUSTRIAL MONEY  TO SPEND
A new industrial player expects to sign an institutional investment partner by year's end, raise $300M, and then buy 8M SF to 10M SF of warehouses in high-barrier-to-entry East Coast seaports. That means Baltimore, Newark/Elizabeth NJ, and Miami.
Gene Preston and Eric Witmondt, October 2011
Once upon last week, Gene Preston and Woodmont Properties CEO Eric Witmondt (above), along with Romark Logistics CEOMarc Lebovitz, launched Woodmont Industrial Partners. Eric tells us Cushman & Wakefield is playing matchmaker with investment partners, and they're investing their own money and will also co-invest in each purchase. (They're the real Millionaire Matchmakers.) Their targets are the Americas' three largest consumer markets: the DC-Baltimore corridor, the NYC metro, and through Miami, the region of South America and the Caribbean. They also expect to close their first deal, a 729k SF warehouse in Clinton, NJ, by the end of the year.

Port of Baltimore
Gene (reared on Rockefeller, Higgins, and ProLogis) tells us that while Baltimore's port won't achieve the 50-foot depths needed to host the bigger ships allowed by the Panama Canal expansion, its value is as the access point for the federal government-stablized DC-Baltimore corridor. The market's vacancy (12.7%) is higher than the single digits they're looking for, but that has been skewed by the 18% vacancy up north in Harford and Cecil counties. Eric saysthey want modern product but are willing to go for elderly properties with can't-beat locations—say, right on the port.