Baltimore-based developer Klein Enterprises is pleased to announce its purchase of 8000 Telegraph Road – an approximately 150,000-square-foot storage facility located on Telegraph Road in Severn, Maryland. The purchase is the first acquisition through a recently established joint venture between affiliates of Klein Enterprises and Morningstar Properties, a Charlotte, North Carolina-based investor/manager of storage facilities. Klein and Morningstar were drawn to the asset by its high-quality construction and strategic location, as well as the strength of the surrounding demographics. With roughly 700 square feet of frontage on Telegraph Road facing 24,000 vehicles per day (VPD), nearly 160,000 residents within a five-mile radius and average annual household incomes in excess of $130,000, the facility is well positioned to serve a healthy and growing submarket.
The property was the subject of an industrial conversion from a 1970’s vintage warehouse into a state‐of‐the‐art storage facility, which opened for operations in 2017. The facility differs from many of its class A competitors due to the large size and diversified storage offering to its clientele. This purchase is consistent with Klein’s long-term strategy to expand and diversify its commercial portfolio with high quality, strategically positioned assets offering a combination of yield and growth opportunities for its partners.
Newmark Knight Frank brokered the sale of 8000 Telegraph to the Klein-Morningstar JV.
About Klein Enterprises
Over four generations, Klein Enterprises has grown from a single department store to over 35 properties comprised of over 2.5 million square feet of commercial properties and approximately 1800 Class A multifamily units, all while upholding a tradition of hard work and innovation instilled by the Klein family. Klein Enterprises, based in Baltimore, has decades of experience and success in development, acquisitions, brokerage, leasing, property and asset management. For more information on Klein Enterprises, visit www.kleinenterprises.com.
