D.C.-Area Industrial Properties Sold for $35M
- Jan 06, 2014
Two Greater Washington industrial properties recently traded for about $35 million.
The Winchester 81 Logistics Center is the larger of the two properties. Located in Winchester, Va., the 450,000-square-foot distribution center was acquired by an affiliate of Cole Real Estate Investments for $27.7 million. Michael Hines and Brian Fiumara of CBRE’s Philadelphia office represented the seller, Equus Capital Partners Ltd., one of the nation’s leading private equity real estate fund managers.
Equus Senior Vice President Christopher Locatell oversaw the disposition. “The caliber of the tenant and the current market conditions resulted in an extraordinary level of investor interest for this newly completed, expandable, state–of-the-art distribution center,” he said in a statement for the press.
The Winchester 81 Logistics Center is fully leased to the McKesson Corp., a leading healthcare and information company, ranked 14th on the Fortune 500 list. The distribution center was developed by the BPG Development Co., Equus’ development operating arm, as a long-term build-to-suit lease transaction with McKesson. It was completed in September 2013 and includes a host of modern features. The building is also approved and designed for expansion to a total of 750,000 square feet.
The second industrial property is located at 3601 Pennsy Drive, in Landover, Md. Terreno Realty Corp. acquired it on Dec. 23 for approximately $7 million. It was Terreno’s second industrial acquisition in the Greater Washington area that month. At the start of the month, the company purchased an industrial building located at 4230 Forbes Blvd. in Lanham, Md., for $5.6 million.
Terreno’s latest acquisition consists of one rear-load industrial distribution building totaling approximately 71,000 square feet on four acres of land. It is located approximately 4 miles from Washington, D.C., adjacent to the intersection of U.S. Route 50 and I-95/495. Terreno said in a news release that the property is 100 percent leased to one tenant and that the estimated stabilized cap rate is 5.8 percent.
Photo credits: BPG Development Co.