Matan Enjoys Busy Month of May in Greater Washington
- Jun 08, 2015
Matan Cos. has added another industrial building to its Washington, D.C.-area portfolio. The Maryland-based company’s new acquisition is located at 7721 Polk St. in Landover.
Matan did not reveal how much it paid for the property. 7721 Polk St. was constructed in 1972 and renovated recently. It occupies a 5.61-acre site in the Ardmore-Ardwick Industrial Park, close to the interchange of Interstate 495 and Route 50, and with easy access to Interstates 95 and 295. The warehouse offers 128,490 square feet of space, with 22 loading docks, one drive-in door and parking spaces for 98 vehicles.
PropertyShark reports that Endurance Real Estate Group was the former owner of the property. The Philadelphia-based company purchased it in 2013 from McKesson Corp. for $4.2 million.
In a news release, principal Mark Matan said that the redevelopment of D.C.’s east side has diminished the supply of warehouse product that services the city. This, together with improving market fundamentals, could help increase leasing demand for properties such as 7721 Polk St. Matan did not reveal the level of occupancy at its newly acquired warehouse.
The Maryland-based company kept busy in May. It also announced the signing of two 10-year office leases at Patrick Center in Frederick. Miles and Stockbridge renewed its lease on the sixth floor of the property and expanded into about two-thirds of the fifth floor. The company now occupies 15,500 square feet of space in the building.
PNC signed the second lease. The bank will occupy the entire second floor, about 9,500 square feet of space. It will relocate some of its retail and business banking personnel, as well as its wealth management group, to the building.
West End Capital purchased Patrick Center in April 2014, and partnered with Matan on the project. After a substantial redesign of the lobby and common areas, the two companies took the building’s occupancy from around 70 percent at the time of the acquisition to 95 percent.
Photo credit: www.mataninc.com