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.
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
CENTRAL PRINCE GEORGE’S COUNTY INDUSTRIAL ANALYSIS
The Central Prince George’s County Industrial subset would consist of the Landover/Largo and Cheverly/Hyattsville submarket. The total rentable base area for this subset is approximately twenty one million square feet in total, representing roughly 1/3 of the entire Prince George’s County Industrial market. The Central Prince George’s County submarkets have thrived over the years due to their proximity to Washington, DC and ease of access to the Capital Beltway making for an invaluable local/regional distribution point. Presently the subset is experiencing a higher than average vacancy rate of approximately 15%. Most of the vacant spaces however are in older class C buildings that are now considered obsolete due to lack of truck court depth, lower ceiling heights or a variety of other deficiencies. If you restrict the view of the subset to modern product (defined as built or renovated yr 2000 or later) the vacancy rate falls to just 2% of the approximately 1.8 million square feet of existing product.