Global eye care company Alcon Vision has renewed its full-building lease at Meadowridge Business Park in Elkridge, Md. The tenant extended the 142,008-square-foot commitment at the industrial facility owned by Knickerbocker Properties Inc.—an affiliate of Invesco Real Estate, CommercialEdge data shows.
Colliers Senior Vice President Michael McGugan, the lead broker of the deal, alongside Senior Vice President Patrick Wifler, represented the tenant in the transaction.
The single-story Class B warehouse was completed in 1994 and sits on 8.2 acres. Located at 6740 Business Parkway, the property is roughly 14 miles from Baltimore, 33 miles from Washington, D.C., and sits along the Interstate 95 distribution corridor. Other industrial tenants in the area include Nexius Solutions, Keefe Supply Co., Agam Group and CyberCore Technologies, among others.
Mid-Atlantic industrial sector activity
McGugan stated in prepared remarks that Alcon’s lease was one of the largest in the second quarter of 2022 in the area, which reflects the continuous demand for industrial space. According to CommercialEdge data, Invesco owns seven industrial facilities within the Washington, D.C., market and four in the Baltimore metro.
In March, Duke Realty Corp. signed Ace Logistics to a second lease expansion of 41,900 square feet at its 2.4 million-square-foot Chesapeake Commerce Center, an industrial park close to the Port of Baltimore. The deal expanded the tenant’s full commitment at the location to 393,000 square feet.
Recently, there were several large industrial transactions in the Mid-Atlantic region, including two portfolio acquisitions. Ares Management landed a $367.8 million loan for the purchase of a fully leased, 23-building portfolio that sits along the Interstate 95 distribution corridor. Another major industrial transaction in the region closed last month, when Aminim Group received a $53 million loan for the acquisition of a six-building ensemble, totaling 500,000 square feet in the Baltimore-Washington, D.C. metro area.
