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.

The Bus Depot Deal Closes – WMATA Buys in ‘Andrews Federal’

Market Insight

WMATA now officially has a place to park its buses.

The transit agency, officially known as the Washington Metropolitan Area Transit Authority, paid approximately $13.8 million recently for 35 industrial acres in the Andrews Federal Campus, in Forestville, MD.

A replacement facility for its Southern Avenue garage, the planned build-out now includes fleet maintenance and operations. WMATA had put out an RFP late last year seeking qualified firms to manage the design/build, and is reportedly expected to make a final choice from among the responding firms.

The deal is land sale number two for Andrews developer Jackson Shaw, but leaves the company with enough land to build two spec warehouses for its own account. Jackson Shaw had sold 12 acres to the Architect of the Capitol early in the park’s evolution, land that that federal agency has largely left fallow so far.

WMATA will do the grading on the 35 acres it just bought, but it got a cleared, platted site with utilities to the edge of the property. The agency will pay the seller an additional fee for off-lot development, pushing its ground price into the neighborhood of just of $11 per foot. Lance Schwarz and David Michael of NAI Michael represented Jackson Shaw.

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

Automotive Deal in Hyattsville

Deals & Transactions

4720 Baltimore Avenue has been an auto sales and service operation for some 40 years. That isn’t changing. Only the ownership is.

The Baltimore Avenue LLC has newly acquired, for $1.325 million, the one-and-a-quarter acre site in Hyattsville from which Standard Leasing & Auto Sales so long operated. The property, fully paved and fenced, includes a 13,000 square foot building from which the LLC will move cars. Jack Lassise, Mike Isen and Mike DiMeglio of NAI Michael brokered the deal.

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

Office Report Q3 2013

Market Reports

NAI Michael’s Office Report for Quarter 3 in 2013 is available! 

The Prince George’s County office market totals approximately 26,402,329 square feet in 1,133 buildings.  Lease rates and vacancy continue at the same levels they have been for the last five quarters.  The lease rates for Prince George’s County are a good value compared to rates in Washington D.C. and other suburban areas in the region.

CLICK HERE TO VIEW THE FULL OFFICE REPORT

Q3 2013 OFFICE REPORT

Industrial Report Q3 2013

Market Reports

NAI Michael’s Industrial Market Report for Q3 in 2013 is available! 

Here’s a quick overview:

The industrial market in Prince George’s County is seeing an abundance of new construction after two years of increased activity in the market, most of which is focused in the Central Sub-markets which include the Cheverly and Landover/Largo submarkets. This new construction is a result of declining vacancy due to several hundred thousand square feet of positive absorption in the submarket that had reduced sub-market vacancy to 6.1% as of Q1 2013. Currently, the overall Prince George’s County Industrial vacancy rate is 8.3% due to the delivery of new industrial space to the market.

Atapco has delivered two new buildings at Steeple Chase 95 (92K & 43K sf respectively) and has plans to deliver an additional 180K s/f of Class “A” industrial space in one buildings. Atapco’s 92K sf building has recently been fully leased to HD Supply  Company. The Merchants Terminal site (adjacent to Cabin Branch) was purchased by a partnership between Chesapeake Real Estate, Oakmont and Carlyle and was recently delivered, adding 360,550 sf of vacant Class “A” industrial space known as the Landover Logistics Center. The final 77K sf of Lincoln Property Company’s 150K sf building (Lincoln 495) was recently leased by Uni-Select. Lincoln Property Company sold the Class “A” warehouse for $107 per sf to TIAA-CREF in Q2 2013. Pannatoni has plans to build an approximately 220K sf spec building in Bowie at their Collington site which should be delivered late 2014.

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