Category: Deals & Transactions

Kelly Building in Sale/Leaseback

Deals & Transactions

Published in the November 30, 2020 issue of Maryland Newsletters. Please subscribe at www.marylandnewsletters.com

The Kelly Building, housing both office and warehouse in Upper Marlboro, sold recently.

Kelly Properties LLC sold the 25,000 square foot building at 8431 Old Marlboro Pike for $4.1 million recently. An entity adopting the building address, as 8431 Old Marlboro Pike LLC, is the new owner.

The building traded fully leased, as both Kelly HVAC and Kelly Electric
operate there, and they’ll remain in place on a lease going forward.
With two stories of office totaling 10,000 square feet, and 15,000 feet devoted to warehouse, the building sits on a total of 3.36 acres. (That includes a half acre of land on Burtons Lane).

Ed Luckett, Marcus Daniels, and Terry Rogers at NAI Michael repped
the seller, while Ken Griffin at NAI Michael and now with Friend
Commercial Real Estate, and Josh Bregman and Dominic Digiovannantonio at NAI Michael but now both at JLL, brought the buyer.

Naylor Parcel Trades: Berman is Retail Buyer at Route 5 Center

Company NewsDeals & Transactions

Berman Enterprises has acquired a shopping center that fulfills the timeless real estate adage about location – it’s near the Naylor Road Metro Station. The Rockville firm acquired the 128,000 square foot retail center at 3100 Branch Avenue, in Temple Hills, for an undisclosed price. On 14.5 acres, it sits just opposite the Metro Station on Route 5 at Naylor Road. Berman will manage the property as retail for the foreseeable future, but envisions redevelopment on the parcel, zoned as it is for mixed-use.

It is the Metro location that has attracted interest in the past and that Berman anticipates will yield that redevelopment. JBG had put the ground under contract for a time when the huge CIS solicitation came out several years ago, with hopes to land the nearly 600,000 square foot build-to-suit requirement. JBG went as far as entitling a site plan that would accommodate the building, but the award went to the other leading Green Line contender, at the Branch Avenue Metro Station.

Tenants at 3100 Branch include the roller-skating throwback Temple Hills Skating Plaza, which is still open and playing the hits as the skaters go round. The seller was Isaiah 58 Properties and Berman bought it as BE Isaiah LLC. The retail center is Berman’s second Naylor-area buy, for it acquired the property at 3225 Naylor Road, in 2014, for $800,000.

Barbara Richman Kahn, Jeff Ludwig and Sally Ludwig at NAI Michael brokered the sale.

This story was published in Maryland Newsletters. If you are interested in subscribing to the Maryland Newsletters, please visit their website at marylandnewsletters.com.

Ironworkers Trade Former HQ Buildings

Deals & Transactions

The Ironworkers Union had already moved to its new quarters in Largo. Now it has sold the property it left behind.

The Union turned 9100 Old Marlboro Pike over to the Baltimore Washington Labor District Council, in a $3 million deal just closed recently. The sale included two buildings, totaling 14,020 square feet, one that served as office and union hall, the other as a training center.

The Ironworkers Union, which includes the fearless folks that walk the steel beams on skyscrapers, had bought 9301 Peppercorn Place in Largo in early January, for $5.25 million. Marcus Daniels, Ed Luckett, and Terry Rogers at NAI Michael repped the Ironworkers on Old Marlboro Pike, while Andy Mayr at the same firm brought the Labor District Council.

Collington Lease

Collington Lease to La-Z-Boy

Company NewsDeals & Transactions

The 220,800-square-foot Collington lease was Prince George’s County’s largest lease in 2017.

La-Z-Boy leased 220,800 square feet of industrial space at Collington Park in Upper Marlboro, MD. This is a full-building lease. It’s the largest industrial lease completed in Prince George’s County for all of 2017. Delivered in 2016, the building is located at 16101 Queens Court. La-Z-Boy is an international home furnishings company. NAI Michael represented MRP Industrial/AEW in the Collington lease, inked in December 2017.

In total, Lance Schwarz and Peter Burleigh of NAI Michael successfully leased over 400,000 square feet of class A industrial space in Prince George’s County in 2017.

Development in Prince George’s County

Deals & TransactionsMarket Insight

The wave is here! NAI Michael’s new newsletter highlights the latest development and changes in the Route 1 / Route 295 corridor.

Before his passing in 2014, our former county executive Wayne Curry predicted that Prince George’s County was on the way up.  He saw changes in business and regulation and construction creating real opportunities nearby and he knew that good things were in store for our county. His predictions are now coming true.

2017 has been a momentous year for development in the Route 1 / Route 295 corridor of Prince George’s County. The Hotel opened in College Park, Metro’s Purple line is under construction, the county’s first Whole Foods opened in Hyattsville, and numerous residential projects are in the pipeline. Additionally, companies like Kaiser Permanente are expanding their footprint within the county with new office space. The newsletter includes more details about these changes, and more.

CLICK HERE TO READ THE FULL NEWSLETTER

7601-7615 Ora Glen Drive - October Deals

NAI Michael’s October Deals 2016

Deals & Transactions

Our agents have been busy making commercial real estate deals this October, from two-building office portfolios to industrial land sales. Maryland Newsletters has highlighted some of our October deals, which can be found below.

Two-Building Takedown One of Greenbelt’s Biggest Leases Ever Executed
An office lease that gobbled up two buildings was just completed in Greenbelt. Government contractor T-Rex leased both 7601 and 7615 Ora Glen Drive recently, providing it with the room to service a major Census Bureau contract. The two leases total 126,000 square feet, or approximately 78,000 feet in the larger, three-story building at 7601, and 48,000 feet in the one-story building at 7615 Ora Glen. It is Shaw Real Estate LLC whose two buildings went, with T-Rex’s arrival, from vacant to fully leased. The Baltimore-based company had bought the pair, as well as a Bank of America pad site, last fall for approximately $5 million. The three-building complex had been in distress, in the hands of special servicer C-III. Lockheed Martin’s exit from the pair had precipitated their fall into default. Shaw, headed by Steve Shaw, said when his firm acquired them that the buildings were in ‘excellent shape,’ needing little renovation beyond lobby and HVAC system upgrades. Those improvements will be completed soon. T-Rex is also reportedly touring the market for additional space. JLL represented the tenant, while NAI Michael represented the landlord. Keep reading

Washington Food and Supply

Washington Food and Supply Relocates to Prince George’s County

Deals & Transactions

Washington Food and Supply, a wholesale grocer, has relocated its warehouse to Prince George’s County from their Florida Market location in the District of Columbia.

Washington Food and Supply, Inc. recently moved into a warehouse at 6300 Columbia Park Road in Landover, Maryland. Maryland Newsletters has provided details about the transaction, which can be found below. Keep reading

Industrial Property Demand in Prince George's County

Say Hello to the New Cabin Branch Distribution Center

Deals & Transactions

Cabin Branch Distribution Center’s new buildings kick off with a new lease.

Cabin Branch Distribution Center, owned and developed by PacTrust,  recently brought two brand new warehouses to the Prince George’s County industrial market. The class A buildings were completed in fall 2015, and have seen a high amount of interest from the commercial real estate community.

Leasing activity has already begun! Over 50,000± square feet of space has been leased to the U.S. Government. Lance Schwarz and Peter Burleigh of NAI Michael brokered the deal.There is still space available in the first building, 1503-1509 Cabin Branch Drive. The second building, 1511-1517 Cabin Branch Drive, is 130,000 square feet and entirely available. If you are interested in learning more about the available warehouse space, please click here or contact Lance Schwarz and Peter Burleigh at (301) 459-4400. Regarding the industrial market in the area, Lance states:

Industrial space in close proximity to Washington, DC continues to be in high demand.

This makes Cabin Branch Distribution Center ideal for businesses looking to serve the Washington DC industrial market. Cabin Branch is situated near Route 50 in Landover, Maryland and has quick access to the Capital Beltway.

 

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