Category: Deals & Transactions

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

Leasing Activity in Capitol Heights

Deals & Transactions

Insulation Distributors is one of two deals that returns 8700-8800 Edgeworth Drive to a state of fulfillment. Leasing fulfillment, that is.

The company signed a lease for 35,000 square feet at the Capitol Heights building. It was joined at the building in a second lease, that by 21st Century Expo, for 10,000 feet. Together, the deals backfilled a 45,000 square foot vacancy that had come available.

Brian Watts of Transwestern represented the landlord. Michael Alcamo of Cresa DC brought Insulation, and Omar McKeithan of NAI Michael represented 21st Century.

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

NAI Michael sells 136,860± SF warehouse

Deals & Transactions

Exeter Property Group has purchased the 136,860± square foot warehouse facility located at 6300 Columbia Park Road in Cheverly, Maryland. This property is situated on 15.36± acres and is currently leased by Safeway Stores, Inc. David Michael, Lance Schwarz, and Peter Burleigh of NAI The Michael Companies, Inc. represented the seller, Spendthrift Associates, in the transaction.

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