M id A tlantic Real Estate Journal — August 2023 — 5A
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Abramson, McCarty & Signor rep. seller in the sale of 103,193 s/f distribution facility Newmark facilitates $20.4 Million sale of 8700 Ritchie Drive in Capitol Heights, Maryland C
APITOL HEIGHTS, MD — Newmark announced the $20.4 million sale of 8700 Ritchie Dr., a 103,193 s/f last-mile distribution facility inside Washington DC’s Capital Belt- way in Capitol Heights. The industrial asset traded from a joint venture comprising The Pinkard Group , a real estate investment and development company, and Principal As- set Management –a leading global financial company –to LBA Realty , a full-service real estate investment and management company. Newmark executive manag- ing director Cris Abramson and managing directors Ben McCarty and Nicholas Si- gnor represented the seller in the sale transaction. “Despite economic head- WILMINGTON, DE — Agi- lent Technologies Inc., a global leader in analytical instrumen- tation development and manu- facturing and one of Delaware’s largest private-sector employ- ers, has chosen to modernize and expand its Newport, DE, manufacturing facility to meet growing global demand for its biopharma consumables. Agilent plans to invest nearly $22 million to increase the capacity of its lab-based manu- facturing site in Newport, leasing 12,000 s/f adjacent to its existing facility and fitting out 9,900 s/f as lab space with new infrastructure, equipment and instrumentation. Over half of the remaining square foot- age will become a warehouse, storage and shipping/receiving area, and the balance will be used for offices. This latest expansion follows another investment by Agilent last year to its Wilmington-area Little Falls R&D labs. Agilent employs 18,000 people world- wide, including more than 950 in Delaware. The Newport site employs 110 workers, and the expansion is expected to create
Cris Abramson
Ben McCarty
Nicholas Signor
winds, institutional interest in the asset was robust,” said McCarty. “A dearth of product on the market, coupled with a limited development pipeline in Prince George’s County continues to drive investor demand for well-located assets in the region.” The facility is 100% leased, with an in-place WALT of 6.64 years, to three tenants–HD Supply, a national industrial distributor of maintenance, re-
pair and operations products; REW Materials, the fourth largest distribution company in the US of interior and ex- terior construction materials, services, and equipment; and The General Services Adminis- tration (GSA), the independent agency of the US government that manages federal property and provides contracting op- tions for government agencies. 8700 Ritchie Dr. sits in the Washington DC industrial
8700 Ritchie Dr.
market, which encompasses 197 million s/f of product stretching two states and Washington DC. The Wash- ington DC industrial market saw 4.79 million s/f of net absorption in 2022 and is
currently showing its lowest vacancy on record at 3.4%. There is currently 6.1 million s/f of industrial product under construction in the market, accounting for only 3% of total inventory. MAREJ
Agilent invests $22 Million in Delaware Biopharma Consumables expansion, boosts economic growth
a leader in the chemical and biopharma industry.” Delaware Prosperity Part- nership has been engaged with Agilent as the company explored growth possibilities in Delaware. Recently, DPP supported Agilent’s request to the Council on Develop- ment Finance for a Dela- ware Graduated Lab Space Grant of up to $693,000 from the Delaware Strategic Fund. Distribution of grants from the Delaware Strategic Fund are dependent on the company meeting commit- ments as outlined to the CDF, which reviewed and approved Agilent’s request. “Agilent has been operat- ing in Delaware for more than 20 years, and we are pleased to continue investing in our manufacturing and R&D facilities in the First State,” said Henrik Ancher- Jensen, Agilent’s order ful- fillment and supply chain president. “We are honored to be part of this dynamic community that supports innovation and growth and attracts top talent.” MAREJ
Agilent Technologies Inc.
additional new jobs over the next 10 years. “Delaware has a strong manufacturing history, and this latest investment by Agi- lent Technologies confirms the company’s commitment to innovating in the First State,” said Governor John Carney. “We are pleased Agilent will be expanding and bringing more good-paying jobs to the state’s strong science, technology and biopharmaceutical sectors.”
The Newport facility, one of several Agilent manufacturing sites across the United States, produces liquid chromatogra- phy columns used for chemical and biochemical analysis, drug discovery, environmental con- trol and analytical chemistry. Growing worldwide demand for these analytical consum- ables led the company to re- view its U.S. facilities to de- termine the best opportunity to grow production capacity.
Agilent’s decision to invest in its Newport site in New Castle County reflects confidence in Delaware’s dynamic business environment and the large pool of regional talent. “Agilent’s latest expansion is proof that New Castle County is a great place to create and grow your business,” said New Castle County executive Matt Meyer . “It’s become well known that we have the resources and the talent to continue to be
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