November 2023

M id A tlantic Real Estate Journal — November 2023 — 23A

Property 358,000 s/f industrial facility First Industrial completes logistics facility development

139,818 s/f asset sells in Woodbridge, VA IPA closes Mid-Atlantic industrial facility sale

LAYMONT, DE — First Industrial Re- alty Trust, Inc. has completed the development of a 358,000 s/f industrial facil - ity at First State Crossing in Claymont, New Castle County. Located at the intersection of Philadelphia Pike and Naa- mans Rd., the property features a clear height of 40 feet as well as immediate access to both I-95 and I-495. “The Northern Delaware in- dustrial market is experiencing strong fundamentals due to its favorable business climate and efficient access to major high - way systems serving the East Coast,” said John Hanlon , ex- ecutive director for First Indus - trial. “The building’s functional design, location, unmatched access and unsurpassed trailer parking are ideal for businesses looking to serve customers in this high consumption zone.” First State Crossing was designed with a rear-load con- figuration at a fully signalized intersection along Philadelphia Pike, just 12 miles south of Philadelphia International Airport. The building also CHESTER, VA — New- mark announces the firm has completed the $60.5 million sale of The Station at Chester Village, a class A, 201-unit multifamily asset located at 4101 Runner Loop in Chester. Newmark Multifamily Capital Markets executive manag - ing directors Charles Went- worth and Victoria Pickett and senior managing director Garrison Gore represented the seller in the transaction. The Station boasts lavish, urban-inspired modern finish - es. The property experienced strong rent increases through lease-up, with recent leases achieving rental rates 8% above average in place. C “The sale of The Station marks another successful class A transaction for our team in Virginia,” said Gore. “The transaction, at north of

15111 and 15151 Farm Creek Drive

First State Crossing in Claymont

features 68 dock-high door positions, 2 drive-in doors, 238 trailer stalls, 289 parking spaces, ESFR sprinklers and LED lighting. First Industrial acquired the 28-acre site from Commercial Development Company, Inc. (CDC) in October of 2022. The site was part of a former steel mill purchased by CDC which master-planned the project to include industrial, office, retail, and residential com- ponents. A newly constructed train station across the street from the building will open

this fall with SEPTA Regional Rail service connecting First State Crossing to Philadelphia and other metropolitan areas. Construction of First State Crossing was led by First Industrial’s Jim Knopka , director of development, and Brandon Carney , construc- tion manager, in partnership with Blue Rock as the gen- eral contractor and Joseph V. Belluccia, AIA as architect. The CBRE team of Dan Rattay and Drew Green are handling leasing for the project. MAREJ

Chandler Pace. “The area has limited land for new construc- tion and the assets that do come online are often pre-leased and achieve steady rent growth.” Filley and Pace represented the seller and procured the buyer. Constructed in 1986 on eight acres, the facility consists of 62,000 s/f 15111 Farm Creek Dr. and 78,000 s/f 15151 Farm Creek Dr. The buildings are just off Route 1 in Feather - stone Industrial Park, a short distance from Marine Corps Base Quantico via nearby Interstate 95. Fort Belvoir, Fort Meade and the National Geospatial Agency’s campus are nearby. MAREJ McCarthy as our Chair-Elect,” said Mr. Fish. “Kathleen is an extraordinary leader in the real estate industry and has been a key contributor to The Roundtable’s mission as a member of our Board. Her extensive experience and expertise as co-head of the world’s largest real estate platform brings a unique and invaluable perspective to our policy discussions.” Fish added, “Kathleen’s fact- based approach and under- standing of policies impacting commercial real estate will help advance policies that benefit communities, create jobs and accelerate econom- ic growth. I am delighted that Kathleen will be the next Chair of The Real Estate Roundtable.” MAREJ

WASHINGTON, DC — The Real Estate Round- table’s Board of Directors has elected Kathleen M c C a r - thy (global c o - h e a d of Black- stone Real Estate ) as Chair-Elect, to begin her three-year term as Roundtable Chair on July 1, 2024. Chair-Elect McCarthy will succeed John Fish (Chair- man & CEO, Suffolk ) who has served as Roundtable Chair since 2021. “The Real Estate Roundtable and its Board of Directors are thrilled to announce Kathleen Kathleen McCarthy WOODBRIDGE, VA — In- stitutional Property Advi- sors (IPA), a division of Mar- cus & Millichap , announced the sale of a two-building, 139,818 s/f industrial asset in Woodbridge. The property sold for $19.9 million and is 100% leased to Bekins A1 Storage Inc., a large, privately held mov- ing and storage company. “The property offers rare M-1 heavy industrial zoning in close proximity to Washington, DC,” said Robert Filley , IPA senior vice president invest- ments. “The facility’s Mid- Atlantic location puts it within a day’s drive of 30% of the na - tion’s population,” added IPA’s

Newmark brokers $60.5 Million Sale of The Station at Chester Village in Chester, VA The Real Estate Roundtable adds McCarthy as Chair-Elect

The Station at Chester Village

$300,000 per unit, demon- strates the continued strength and resiliency of the Richmond market in uncertain times. Through the interest received during the sale process, it is evident that Southern Virgin- ia continues to become more of a focus for determined capital regionally and nationally.” The Station was developed by Nick Wexler and Shane

Burnette and designed by Poole and Poole Archi- tects , offering units that feature chef-inspired kitchens with stainless steel appliances and granite countertops, spa- cious walk-in closets, luxury wood-style flooring, dual vani - ties, private balcony or pa- tio options, full-size in-unit washer and dryer and elevator access. MAREJ

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