Big building deal: Crayton Blvd. warehouse, land sell for nearly $130M
A billion-dollar real estate holding company has bought the new warehouse and property near Hagerstown Regional Airport and Interstate 81.
Preylock Holdings, acting through an affiliate, paid $129,750,000 for the building and property at 13905 Crayton Blvd., according to online deed records. A sign in front of the building identifies the structure as an Amazon warehouse.
The deed records list Preylock Hagerstown LLC as the buyer. That company's address is the same as the address for Preylock Holdings, which has its headquarters in Los Angeles.
Preylock, according to its website, is a real estate acquisition and management company with more than $2 billion of assets under management.
Preylock's website states that its "current strategy consists of acquiring and managing well-positioned and operating properties (providing safety) and where there are also opportunities for improvement (to create value). We attempt to acquire high quality commercial assets, at a discount to replacement cost, that generate stabilized cash flows with meaningful downside protection."
The company's online portfolio lists a number of properties, including a distribution center in Las Vegas that is 100% leased to Amazon and an office building in Mountain View, Calif., that is 100% leased to Google.
Attempts to obtain comments from Preylock were not immediately returned Thursday.
The warehouse was developed by the Trammell Crow Co., which is based in Dallas. The seller is listed as DRI/TCC Vista LLC on the deed records. The deed transfer date is listed as Oct. 20.
The building is described as a mega warehouse with an "above-grade living area" of 1,190,700 square feet on 83.26 acres. The property is south of Hagerstown Regional Airport, between I-81 and Pennsylvania Avenue (U.S. 11).
A building permit application on file with Washington County officials shows a plan to outfit about 333,000 square feet of the building "to include (a) chilled/frozen storage area," a lounge for truck drivers, an administrative office and other work.
Another permit application details plans for 3,807 bays of warehouse racking in the ambient temperature storage area and 2,438 bays of racking in the chilled/frozen storage area. The latter permit lists the tenant as an Amazon distribution center.
Perini Industrial Land LLC sold the property to Trammell Crow for $7.827 million in October 2018.
Paul Perini, owner of Perini Industrial Land, said Thursday that he was "very happy" to be a part of the development in that area.
"Part of the deal with Trammell Crow was they had to build roads through the Vista Business Park, which have now been completed," he said.
Amazon has previously revealed plans for another facility in the area.
On Oct. 20, Amazon announced that it would occupy a 1-million-square-foot warehouse building going up off Wesel Boulevard. The online retailer plans to open a new, state-of-the-art fulfillment center in the Hagerstown Logistics Center, part of the NorthPoint Development.
Amazon also leases a small facility on Industrial Lane off Governor Lane Boulevard near Williamsport.
