Tag: development

Looking to the Future of the Prince George’s County Industrial Market

Market Reports

It’s been an interesting year for the Prince George’s County industrial market; average rental rates have dropped since 2013, but have remained steady in 2014, and construction throughout the county has increased with many anticipated deliveries in the coming months.

Two significant industrial spaces are expected to delivery in December 2014, bringing a total of 352,000 square feet of new space to the market. SteepleChase 95 is online to deliver both of their spec buildings totaling approximately 270,000 square feet in the 4th quarter, which should offset the new tenancy in the marketplace and create an effective zero sum game for absorption.  In addition, The Brick Yard in Laurel is expected to come online with 85,000 square feet of space. There are also a number of additional projects that are expected to complete in early 2015.

With all this positive growth, Prince George’s County is situated to ideally serve the Washington DC metropolitan area’s industrial needs in 2015.

For our full Industrial Market Report Q3 2014, please click here.

MRP Industrial Breaks Ground on 220,800-Square-Foot Spec Project in Prince Georges County

Market Insight

Lance Schwarz, vice president at NAI Michael, talks about a new 220,800 SF industrial project, Collington Park, in Prince George’s County .

“The shortage of industrially-zoned development sites has left limited options for tenants seeking modern, Class A distribution centers in order to service the nearly 10 million people in the Baltimore-Washington MSA”

Check out the full CityBiz article here

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

940-Acre Toll Brothers Deal

Deals & Transactions

Toll Bros. Acquires Pair
Buys Locust Hill, Willowbrook

Two properties that together might serve as the next Beech Tree or Oak Creek have been sold to a partnership headed by Toll Brothers.

In a deal settled just over a week ago, Toll paid $21.6 million for the Locust Hill and Willowbrook properties. Located on Oak Grove Road and totaling about 940 acres, the two tracts could yield about 1,300 units. It’s believed that Toll bought the ground in a joint venture with NVR Inc., which would mark an expansion of the two builders’ efforts together locally.

Seller Seton Belt Trust has wanted to dispose of the land for years, but its marketing efforts eight years ago produced numerous offers – and then ran headlong into the bust. Toll had emerged then as a leading suitor, but put everything on hold until this summer, when it again put Locust and Willowbrook under contract and moved to protect the existing entitlements.

Toll and NVR are already cooperating at Oak Creek, but not in a formal joint venture. NVR bought the partially built-out community on Church Road, while Toll bought the golf course. It also contracted to buy lots from NVR, and will take more of the larger lots, befitting its high-end approach.

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