Baltimore-based developer Klein Enterprises has picked up a Class A storage facility in Severn, Maryland. The 150,00 sqf facility was traded for an undisclosed amount, having recently undergone an industrial conversion from a 1970’s vintage warehouse into a modern storage facility. The purchase is a first for a recently established joint venture between affiliates of Klein Enterprises and Morningstar Properties, a Charlotte, North Carolina-based investor/manager of storage facilities. Newmark Knight Frank brokered the sale of the asset to the joint venture.
