Warehouse Value Soars Near Western Md. Interstates

HAGERSTOWN, Md. (AP) — A real estate investment firm says Hagerstown’s location near the junction of two interstate highways makes it a primary East Coast distribution hub.

Denver-based Industrial Income Trust made the glowing assessment in a Securities and Exchange Commission filing reporting its agreement to buy an 824,000-square-foot warehouse near Hagerstown for $41.2 million.

That’s about 55 percent more than the current owner, the New Boston Fund, paid for the 70-acre property in 2003.

The building in the Hunters Green Business Park is leased to The Home Depot through September 2016.

Industrial Income Trust says it expects to assume the Home Depot lease when the sale closes early next year.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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