Category: Deals & Transactions

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.

 

Meso Scale Expands into Gaithersburg, MD

Deals & Transactions

Meso Scale now has one address that is not on Research Boulevard. The biotech company, securely located in multiple buildings on Research, signed a deal to expand into 33,338 square feet recently at 9120-9128 Gaither Road in the Shady Grove Development Park. Landlord Minkoff Development had to do some major space planning to accommodate the firm, but it found the room by moving 20,000 foot tenant Human Circuit to another space in the Gaithersburg park. Meso rocketed onto the scene when it bought the former BAE space on Research in 2011. It followed that up with a full-building lease at 1701 Research, then bought 2350 Research from the county two years ago. Rick Farren at Cushman & Wakefield represented Minkoff, while Lance Schwarz and Peter Burleigh at NAI Michael brought Meso.

Information courtesy of the Montgomery County Newsletter from Maryland Newsletters

November Sale and Lease Highlights

Deals & Transactions

November 2015 was a busy time for commercial real estate!

Below are some sale and lease highlights from November, courtesy of the Howard and Prince George’s Newsletters.

…As CS Realty Investments II LLC, long-time Crofton corporate resident Caruso Homes paid $2.03 million for 2120 Baldwin Avenue. Essex Bank had come into possession of the two-story building when it bought Suburban Federal Savings Bank. With 14,000 feet above ground, a finished basement adds another 9,000 square feet for a total of over 23,000 feet. Barbara Richman Kahn of NAI Michael represented Caruso, while Michael Isen and Michael DiMeglio of the same firm represented Essex Bank.

…Once a Safeway grocery store, a District Heights building has been bought by St. Matthews Church. The D.C.- based church bought the building for $3.9 million recently, from seller Masters Child Church. Just under 20,000 square feet, the church’s new home is located at Brooks Drive and Marlboro Pike. Barbara Richman Kahn, Mike Isen and Mike DiMeglio of NAI Michael brokered the transaction.

…Lantern Therapeutics will be newly practicing its curative powers in Landover, as the firm leased 2,748 square feet at 8200 Professional Place. Omar McKeithan of NAI Michael brought the tenant, and Rob Pugh of Edge Commercial repped the landlord.

Courtesy of Howard and Prince George’s Newsletters. For more information or to subscribe, please visit www.marylandnewsletters.com

The “Tomato Building” has sold!

Deals & Transactions

7440 Assateague EMAIL

Nary a tomato has been stored in the building for 10 years now, but 7440 Assateague Drive is nevertheless known only as ‘the Tomato building.’ And now it has sold. A partnership operated by brothers who ran Maryland Fresh Tomato a decade ago have sold the 78,000 foot Jessup building for $6.85 million. The Jaciri Family LLC, operators of a Hispanic food chain called MegaMart, was the buyer. The brothers had sold the business long ago but held on to the real estate, even though they didn’t lease it up again. In the end, they got $87.82 per foot from a grocer that has multiple locations in the region. Ken Griffin, Andy Mayr and Jim Miers at NAI Michael represented the seller.

Courtesy of Howard County Newsletter. For more information or to subscribe, please visit www.marylandnewsletters.com

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