Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of 401,856 square feet of industrial product within four buildings in Sunnyside Industrial Center and Lincoln 495 in Prince George’s County, Maryland, in two separate transactions.
HFF marketed Sunnyside Industrial Center on behalf of the seller, Velsor Properties, LLC. The Donohoe Companies purchased the center. In a separate transaction, HFF marketed Lincoln 495 on behalf of the seller, TH Real Estate (a division of TIAA Global Asset Management), who sold the property to Hartz Mountain Industries, Inc.
The properties are both located in Prince George’s County, which is east of Washington, D.C. and home to several of the largest public and private sector employment drivers in the Washington, D.C. MSA. The Capital Beltway (Interstate 495) provides immediate access to the eastern seaboard, including major commercial centers in Baltimore, Philadelphia and New York City. Additionally, the region’s three main airports – Baltimore-Washington International, Reagan National and Dulles International – are all within 45 miles. The county has a low unemployment rate, and job growth is projected to grow employment by 12.9 percent over the next 10 years, according to Metropolitan Washington Council of Governments ( www.mwcog.org) data. Population growth is expected to increase by 5.1 percent during the same time period.
Sunnyside Industrial Center is a three-building warehouse facility totaling 248,156 square feet. The 90.6 percent-leased-center is home to 15 tenants. The buildings are highly-flexible warehouses with distribution facilities in addition to retail and showroom space open to the public. The buildings feature 45 docks with 10 drive-ins and 18’ clear heights. Situated on 10.01 acres at 5640, 5760 and 5700-5730 Sunnyside Avenue in Beltsville, Maryland, the center is located directly off Baltimore Avenue (Route 1) and the Capital Beltway eight miles outside Washington, D.C. and in Prince George’s County’s Beltsville industrial submarket. The Metro-accessible property is within walking distance to the Greenbelt Metro and Marc stations.
Lincoln 495 is a Class A industrial building containing 153,700 square feet and featuring 28’ clear height, 30 docks, two drive-ins and 40’ by 40’ column spacing. Constructed in 2009, the fully-leased building is home to three tenants. The building is situated on 13.07 acres at 8420 Westphalia Road in Upper Marlboro, Maryland, at the epicenter of the Pennsylvania Avenue industrial corridor. The property is proximate to the Capital Beltway, Joint Base Andrews and National Harbor. Lincoln 495 is part of the Westphalia Sector Plan, the largest planned development in Prince George’s County since National Harbor.
The HFF investment sales team representing the seller was led by senior managing director Bruce Strasburg.
“Prince Georges County industrial product has been very active this year, given its low vacancy rate and low price per square foot, especially as compared to Virginia industrial product,” Strasburg said. “The success of National Harbor, along with the growth of ‘last mile’ e-commerce, have made the industrial market inside the Beltway a sought after investment.”
About Velsor Properties, LLC
Velsor Properties, LLC, through its affiliates, owns and manages 44 industrial, flex and office buildings in Northern Virginia and Maryland. As of December 2015, Velsor owns and manages more than 2.6 million square feet. Learn more at http://www.velsor.com.
About The Donohoe Companies
Established in 1884, The Donohoe Companies (Donohoe) is the Washington, D.C. region’s oldest full-service real estate company. It is also one of the largest – ranked by the Washington Business Journal as one of the area’s top private companies. With more than 1,400 employees in five companies, Donohoe is a force in the region. The company employs its expertise to build, develop, service, manage, lease and maintain billions of dollars of real estate where its neighbors will shop, work, live and play for generations to come. Projects include hospitals, university and government facilities, embassies, historic landmarks, hotel, retail, office and residential projects and major mixed-use developments. Visit http://donohoe.com for more information.
About TH Real Estate
TH Real Estate, an operating division of TIAA Global Asset Management, is one of the largest real estate investment managers in the world with $97bn in AUM (as of June 30, 2016). Managing a suite of nearly 80 funds and mandates spanning both debt and equity across diverse geographies, sectors, investment styles and vehicle types, the firm provides access to every aspect of real estate investing. With offices in 18 cities throughout the US, Europe and Asia Pacific, over 450 professionals and 60 years of investing experience, the platform offers deep local expertise coupled with a sophisticated global perspective. TH Real Estate’s investment, asset management and corporate strategies grow from a deep understanding of the structural trends that will shape the future of real estate and responsible investing beyond market cycles. This ‘Tomorrow’s World’ approach sits at the core of our investment process and business operations, informing our long-term view of real estate investments for the enduring benefit of both clients and society.
About Hartz Mountain Industries, Inc.
Hartz Mountain Industries, Inc. (Hartz) is one of the largest private owners of commercial real estate in the U.S. The company has grown from a small start in 1966 to a large regional real estate enterprise, owning and operating a portfolio of more than 235 buildings primarily in the New York/Northern New Jersey area, representing more than 38 million square feet of retail, hotel, office, residential and industrial properties. To learn more about Hartz, visit the company’s website at http://www.hartzmountain.com.
About HFF
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
