12-24-21

M id A tlantic Real Estate Journal —December 24, 2021 - January 20, 2022 — 5A

www.marej.com

Asset trades froma JVbetweenArtemisReal EstatePartners&MRPRealty toBGPEnterprises Cassidy and Ryan of Newmark arrange sale of Springfield Corporate Center for $29.3 Million

S PRINGFIELD, VA — Newmark announced the sale of Springfield Corpo - rate Center, a 5-story, 138,830 s/f office building located at 6225 Brandon Ave. in Spring- field for $29.3 million. The asset was traded from a joint-venture between Artemis Real Estate Partners and MRP Realty to BGP Enterprises , a com- mercial real estate investment company based in Springfield. Newmark’s executive manag - ing directors James Cassidy and Jud Ryan represented the sellers on the transaction. “Springfield Corporate Cen - ter is a workhorse building that will provide consistent cash flow for the new owner,” said Ryan. “The property is lo- cated near some of the region’s largest federal agencies, is proximate to the most traveled transportation arteries and is close to where many of the em- ployees live. These factors will

Intelligence Agency (NGA) consolidated and relocated 8,500 employees to a new $1.7 billion, 2.1 million s/f head- quarters building at Fort Bel- voir North. The federal govern - ment continues to expand its footprint in the area, with the Transportation Security Ad- ministration (TSA) phasing in approximately 3,100 employees to a new 625,000 s/f headquar- ters building adjacent to the Franconia-Springfield Metro station (Blue Line), just two miles from the property. The property’s prime loca- tion at the confluence of I-95, I-495 and I-395 offers coveted signage overlooking I-95 and I-395, visibly accessible to more than 240,000 vehicles per day. The neighborhood has a high concentration of retail ameni- ties, including the full-scale renovation and redesign of the 1.3 million s/f Springfield Town Center, which features

an appealing mix of traditional department stores, coveted brands, a movie theater, a fit - ness center and destination dining options. Nearby shop - ping centers include Concord Centre, Springfield Plaza, and Tower Shopping Center. According to Newmark Re - search, Northern Virginia remains an attractive market for both tenants and asset owners, despite the global pan- demic and continuing economic uncertainty. The area offers many diverse submarkets, a business-friendly environment, and a continued commitment to improving transportation options, infrastructure, and housing. The area’s appeal is further enhanced by the poten- tial to co-locate with Amazon’s second headquarters as well as draw from the new talent produced by programs at Vir- ginia Tech and George Mason University. MAREJ

6225 Brandon Ave.

continue to ensure an active tenant market for this highly visible asset.” Originally built in 1988, Springfield Corporate Center underwent a $2.7-million capi- tal improvement program in 2014 and 2015, including main lobby renovations, a new fitness center, restroom renovations and cooling tower replacement. The property is 84% leased to a secure tenant base of primar- ily federal government con-

tractors, including Computer Systems Center Incorporated (CSCI), Novetta Solutions and Volkert. Springfield Corporate Cen - ter benefits from its strategic location between Washington, D.C. and Fort Belvoir in Fair- fax County, Virginia adjacent to major federal government agencies and key demand drivers. 0The Springfield area experienced a revitalization when the National Geospatial-

BETHESDA, MD — 1788 Holdings, LLC , a privately- owned commercial real estate and investment firm has re - cently acquired two industrial properties in the Baltimore City submarket as part of a regional strategy that has included the purchase of 14 assets totaling more than one million s/f of space and 38 acres across seven states. The group has acquired $57 million worth of assets in 2021, with a goal of nearly doubling its portfolio size with the acquisition of an additional two million s/f of space throughout the Eastern United States over the next 18 months. 1788 Holdings now owns 17 properties totaling approximately 1.5 million s/f of space, as well as an additional 50 acres of outside storage space in Alabama, Florida, Georgia, Maryland, North Carolina, Pennsylvania and South Carolina, with a total market value of $137 million. “A confluence of enduring positive fundamentals, com- bined with our sustained con- fidence in both the national economy and commercial real 1788 Holdings, LLC acquires two industrial properties in Baltimore City estate industry, has fueled our approach over the past year, and we intend to re- main aggressive and active in our approach for the foresee- able future to seize emerging opportunities,” said Larry Goodwin , principal, 1788 Holdings. “These factors in - clude the sustained strength of the industrial, warehouse and outside storage asset cat- egories, declining inventories, the availability of ready capital and the opportunity to acquire under-performing properties in which we can create sig- nificant value for our investors over the long-term.” Since August, 1788 Hold - ings has separately acquired a 75,000 s/f light industrial/ manufacturing building at 6901 Rolling Mill Rd., as well as a 351,000 s/f light industri- al/manufacturing asset at 1601 Wicomico St. for a combined $22.8 million. Situated on 6.4 acres of land, 6901 Rolling Mill Rd. is located just over one mile from the Eastern Av- enue exit of I-95 and features outside storage land and direct access to the Port of Baltimore. It is presently 100% leased to one tenant. 1601 Wicomico St. is positioned directly adjacent to I-95 from the Russell St. North exit and features nearly three acres of outside storage 6901 Rolling Mill Rd. 1601 Wicomico St. land. It is 100% leased with three tenants. “Acquiring Outside Storage Land (OSL) remains a point of emphasis in our acquisi- tion strategy, as we believe the availability of this acre- age represents a significant competitive advantage in the Baltimore City submarket,” Goodwin added. “As a port city, Baltimore is a primary destination for roll-on/roll-off cargo, particularly automo- biles, trucks and heavy equip- ment cargo, and there remains continuing demand for storage sites with immediate proxim- ity. Most of the infill light industrial properties in the immediate trade area do not have excess land for this type of storage, and we are filling this ongoing need.” Prologis, Inc. , a real estate investment trust headquar- tered in San Francisco, recent- ly published a market report which ranked Baltimore as the top performing market inter- nationally, in terms of rental growth, at 11%. The report additionally stated that “in the years ahead, replacement cost growth and barriers to new supply in urban areas would continue to provide signifi- cant lift to the rental growth in Baltimore and other land- constrained markets.” MAREJ

Made with FlippingBook Digital Publishing Software