MCB Real Estate, the developer of Harborplace, is growing again.
The company announced Monday that it is part of a joint venture that has acquired a large industrial building in Harford County that is known as Tower Logistics Center. Other partners in the purchase include Artemis Real Estate Partners and principals of Ace Logistics Services Inc.
The logistics center is an 859,900-square-foot warehouse that was developed by Merritt Properties and BentallGreenOak and completed in 2021 on a 99-acre parcel at 1225 South Philadelphia Road in Aberdeen. A sale price has not been disclosed.
The property is strategically located along the Interstate 95 North corridor, which has become one of the fastest growing bulk warehouse and distribution markets in the Mid‐Atlantic over the last decade, close to Philadelphia; Wilmington, Delaware; Baltimore and Washington, D. C.
Ace Logistics Services, Inc. has signed a long-term lease for the building, which will be renamed Ace Logistics Center, and the company expects to begin operations in late June. Ace provides cargo handling, warehousing and logistical services to a variety of local and multinational corporations. It currently operates eight facilities with 1.4 million square feet of space and six outside storage yards, all close to the Port of Baltimore.
“This is an exciting opportunity for MCB to invest in this quality industrial property and to support the expansion of Ace Logistics to Harford County,” said Mike Trail, chief investment officer for MCB Real Estate, in a statement. “MCB has completed several successful transactions in Harford County and MCB maintains confidence in this strong logistics project in the I-95 North corridor.”