Lee Maryland & Lee Eastern PA Represent STAG Industrial in a Full-Building, 1M SF Industrial Building in Hampstead, MD
STAG Industrial has signed a global book publisher to a full-building, 1 million-square-foot lease at 630 Hanover Pike, an industrial building in Hampstead, MD, according to Lee & Associates Maryland, which represented the tenant in the deal.
The five-and-a-half-year lease began in August and includes three months of free rent. The rental price was not disclosed and the owners declined to name the book publisher.
“Formerly occupied by Dart Container Corporation, the once vacant building is now 100 percent leased and occupied and injects positive economic development activity into the Carroll County region,” Allan Riorda, Lee & Associates Maryland’s president and principal, told Commercial Observer. “Lee & Associates earned the exclusive listing assignment late last year and fielded extremely strong interest from various product sectors and end-users.”
The building is situated on approximately 51 acres and features 32-foot clear ceiling heights, 85 dock doors and two ramped drive-in doors. The property was originally constructed to function as a distribution warehouse for Sweetheart Cup, which later became Solo Cup.
“This was a ‘perfect storm’ of positive attributes for the tenant, given its corporate headquarters within close proximity and the immediate availability of a ready-to-move- in space with a minimum of space modifications needed,” Riorda said. “Both the interior and exterior of the building were expertly maintained.”
STAG acquired the 20-year-old property in 2013 in a $44 million deal.
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Lee & Associates offers an array of real estate services tailored to meet the needs of the company’s clients, including commercial real estate brokerage, integrated services, and construction services. Established in 1979, Lee & Associates is now an international firm with offices throughout the United States and Canada. Our professionals regularly collaborate to make sure they are providing their clients with the most advanced, up-to-date market technology and information. For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn, Twitter, and Link, our company blog.