Sephora Signs 70,133-SF Industrial Lease
27 Dec, 2011, Belcamp, Md.
Sephora has signed an industrial lease for 70,133 square feet at 4611 Mercedes Drive within Riverside Business Park in Belcamp, Md.
"The availability at 4611 Mercedes Drive provided a perfect scenario for Sephora," said Christopher Wright, director, Cushman & Wakefield in Baltimore. "In addition to requiring more space, the company needed additional parking for its employees, and 4611 Mercedes fulfilled both requirements."
Constructed in 1990, the 178,133-square-foot facility is now fully leased. Owner DCT Industrial was represented in the transaction by Adam Weidner of CB Richard Ellis.
"We have been seeing an uptick in this industrial market," said Wright, noting that Belcamp is in Harford County, north of Baltimore. "The vacancy rate has dropped a bit, and some new product is coming on line, including at least one spec building. This transaction is another indication of the improving industrial climate."
Cushman & Wakefield, Inc.'s industrial brokerage platform provides global resources for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In 2010, this group completed more than 4,800 industrial real estate transactions nationwide - totaling 141.6 million square feet in leases and 52.9 million square feet in sales - with an aggregate value of nearly $5 billion. This represented a year-over-year revenue increase of 26.7 percent.
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