Procter &Gamble Signs Lease For 538,000 Sq. Ft. Of Warehouse Space In Harford County, Md
June 19, 2008
Baltimore, MD June 19, 2008 CB Richard Ellis (CBRE) today announced that it arranged a lease of 538,000 sq. ft. at 4608 Appliance Drive, in Belcamp, MD. CBRE's Bill Pellington assisted the building owner, Preston Waters/Urdang Capital, in negotiations to secure a long–term lease with Procter & Gamble.
Preston Waters (an affiliate of Preston Capital Management, Inc.) and Urdang Capital purchased the 800,000 sq. ft. asset in January 2005. Procter & Gamble will consolidate its regional distribution operations to gain operating efficiencies and has the option to expand to the full 800,000 sq. ft. Originally constructed in 1990 as a build–to–suit for GE Appliance, the 30–foot clear tilt–up distribution warehouse sits on 46 acres in rapidly growing Harford County. Procter & Gamble was represented by Colliers International.
"We are very fortunate to have Procter & Gamble as a tenant", stated David Scheffenacker of Preston Waters. " "The fact that an international company such as Procter and Gamble chose our property over the many others available speaks volumes about the quality and functionality we offer our tenants at Preston Capital Management, Inc. We look forward to working with Procter & Gamble for many years to come."
About CB Richard Ellis,
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services firm (in terms of 2007 revenue). With over 29,000 employees, the Company serves real estate owners, investors and occupiers through more than 300 offices worldwide (excluding affiliate offices). CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. CB Richard Ellis is the only commercial real estate services company named one of the 50 "best in class" companies by BusinessWeek, and was also named one of the 100 fastest growing companies by Fortune. Please visit our Web site at www.cbre.com.
About Preston Partners
Established in 1989, and with roots in a family real estate business dating to the 1880s, Preston Partners, Inc. is one of Maryland's premier, full–service commercial real estate service companies. Preston Partners, Inc. handles all aspects of major real estate transactions including Project Leasing, Tenant Representation, Investment Sales and Mortgage Banking. Preston Partners' professionals have been involved in many of the region's significant real estate joint venture, development, leasing, disposition and acquisition assignments. The firm prides itself on providing "blue chip" advice and progressive thought to its clients.