Industrial Property Trust Acquires $13M DC-Area Asset

The 98,653-square-foot warehouse contains state-of-the-art features including a 3,800-square-foot climate-controlled storage area designed to hold specialized valuables, such as fine art or antiques.

An affiliate of Industrial Property Trust Inc. acquired a 98,653-square-foot warehouse property in Lanham, Md. for $13.1 million from Perseus Realty. The property most recently served as the headquarters of Kane Co.’s Office Movers Inc., a commercial moving company that filed for bankruptcy nearly five months ago. Transwestern brokered the disposition on behalf of Perseus. 

Located at 10100 Willowdale Road, the asset is seven miles east of Washington, D.C., at the nexus of Interstates 495 and 90 and Route 50. The property contains state-of-the-art features including an above-average loading dock ratio of one dock per 2,600 square feet of storage area, 38-foot clear ceiling heights, ESFR sprinklers and a 3,800-square-foot climate-controlled storage area designed to hold specialized valuables. The property can accommodate both single-tenant and multi-tenant configurations.

When The Kane Co. closed, it created a rare opportunity to buy a state-of-the-art warehouse close to Washington, D.C. The buyer interest and pricing show the strength of the market. Industrial Property Trust Inc. got a best-in-class building,” said Senior Managing Director Mark Glagola, in a prepared statement.

Glagola, along with Executive Managing Director Gerry Trainor and Senior Associate Jason Sullivan from Transwestern’s Mid-Atlantic Capital Markets Group led the transaction team.

Images courtesy of Transwestern