NAI Michael’s October Deals 2016
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.
Brady Industries is a Casino Gain
A newly-written lease in Capitol Heights qualifies as MGM casino ‘spin-off.’ Brady Industries, a Las Vegas-based janitorial supply firm, has leased 35,475 square feet at 1200 Hampton Park Boulevard, in an Invesco-owned building. Brady is a long-time Nevada firm that has now established a local presence to serve the opening this winter at National Harbor. The deal will put Brady into the same building that Rexel occupies, leaving Invesco with about 28,000 feet to fill. Brian Watts, Jeff Groves and Jason Sullivan at Transwestern represented Invesco, while Lance Schwarz and Peter Burleigh at NAI Michael brought the tenant.
Perfect Office Solutions claimed the entire 2nd floor at 4500 Forbes Boulevard, in Lanham. The company offers shared office suites and already has a pair of local outlets, in Beltsville and Laurel. As this is a new branch location, the 16,250 square foot lease qualifies as ‘positive absorption.’ Andy Mayr and Ken Griffin at NAI Michael brokered the deal.
DirectViz Solutions has brought its contracting offices to the county. The government contractor , which covers the gamut in technical and IT issues, leased 14,500 square feet at 11750 Beltsville Drive in Calverton. Proximity to Fort Meade was the ticket in opening a location that supports DVS’ Chantilly headquarters. Andy Mayr and Jeff Ludwig Jr. at NAI Michael represented the tenant.
Sold, from one construction firm to another: two and a half acres in Cheverly. KBJ Hernandez LLC bought the 2.5 acre tract at 4876 Lydell Road, at the end of an industrial cul de sac, for $665,000. Zoned I-1, the lot is unimproved. Seller Lydell Industrial LLC was represented by Dan LaPlaca and Pat Bahen of NAI Michael, while Andy Mayr from the same firm represented the buyer.
If you are interested in subscribing to the Maryland Newsletters, please visit their website at marylandnewsletters.com.