4901 Holabird Ave. in Baltimore — Courtesy: Elberon Development Group
By Joshua Burd
Elberon Development Group and The Avidan Group have secured a tenant at a 4.5-acre property in Baltimore, having recently acquired the site as their first outside New Jersey.
The Elizabeth-based real estate firms say the tenant, Carvana, will use the parcel at 4901 Holabird Ave. to stage and prep cars before delivery to customers. The lease follows their purchase late last year of the former truck terminal site, which is fully paved and fenced and includes a 20,000-square-foot maintenance facility and parking for more than 400 vehicles, all of it less than a mile from the Port of Baltimore.
Colliers International’s Brian Siegel represented both parties in the lease.
“Low-coverage sites continue to attract significant interest as the e-commerce boom — and the need to move goods to consumers same day — continues post-pandemic,” said Terry Armstrong, a senior vice president with Elberon.
Bill Sitar of Sitar Realty represented the joint venture on the December purchase, which represented its entry to the Baltimore industrial market and its first venture together outside their home state. The firms, both multigenerational businesses, say they expect to look for additional acquisition and development opportunities to complement their New Jersey portfolios.
“Industrial has been the hottest asset class for some time but the COVID-19 pandemic kicked interest up significantly as other sectors such as office and retail slowed,” Armstrong said. “Product and opportunity are in short supply in the northern New Jersey area so it was an excellent time to branch out and diversify our logistics real estate portfolio from a geographic standpoint.”