M id A tlantic Real Estate Journal — DelMarVa — December 18 - January 14, 2020 — 7A D el M ar V a
www.marej.com
P P E R M A R L - BORO, MD — Cabot Properties, Inc. , an Construction underway for building situated in Collington Park business community Cabot Properties with MRP Industrial for development of spec. 86,840 s/f whse./ind. building U
media household income ex- ceeds the national average by more than 35%. In addition, nearly 16,000 businesses employ more than 230,000 workers and the county is the home of federal agencies in- cluding Joint Base Andrews, NASA Goddard Space Flight Center, FDA and NOAA. The Washington, D.C. industrial market experienced 7.1% year-over-year rent growth, which represents the third- highest increase throughout major industrial markets in the country, suggests data from Transwestern.
The Collington Park busi- ness community consists of more than four million square feet of industrial/warehouse space, with a current vacancy rate under 3.7% which is sig- nificantly below the County- wide figure of 6.6% according to year-end figures. Target Corporation and Amazon took major distribution positions within the park last year, totaling more than one mil- lion square feet of space col- lectively, with additional park tenants consisting of FedEx, La-Z-Boy, Nordstrom and Thos. Summerville. MAREJ
international private equity real estate investment fund, together with development partner MRP Industrial , a commercial real estate and investment company, have broken ground on a new spec- ulative 86,840 s/f warehouse/ industrial building in the Up- per Marlboro section of Prince George’s County. The site is contained on an seven-acre parcel within the Collington Park business community, with delivery expected to oc- cur in fall 2021. Late last year, Cabot Properties acquired the development site from MRP Industrial for an undisclosed price. Fronting Queen’s Court and directly off MD Route 301, the single-story concrete tilt-wall building features 32-foot clear ceiling heights, 23 dock and two drive-in doors, LED light- ing, a 120-foot truck court to support the movement of large tractor trailers and segregated parking fields for employee and visitor parking for nearly 100 vehicles. The large, open space floorplate is suitable for a range of light manufacturing, warehouse, logistics and last-mile opera- tions and can accommodate both a single andmulti-tenant use. “We have tremendous confi - dence in our ability to quickly bring this speculative build- ing to 100% occupancy based on the velocity of user demand that continues for this real es- tate product type both nation- ally and locally,” said Carey Herrlinger , director, Invest- ments of Cabot Properties. “The Prince George’s County region, in particular, is ben- efited by its strategic location embedded within the Com- bined Statistical Area of the Washington, DC-Baltimore area that contains 10 million people. With direct access to MD Rte. 301, a major north/ south highway servicing the as far north as Delaware and extending into Richmond, Vir- ginia, end-users will be able to reach a majority of the MSA’s population under a one-hour drive. A strategic position 10 minutes from Interstate 495 provides immediate connec- tions throughout the greater DC marketplace.” According to figures gener - ated from the Prince George’s
New speculative 86,840 s/f warehouse/industrial building
County Economic Develop- ment Corporation, the popu-
lation of the county is more than 970,000 and its $81,240
INSURANCE BUSINESS ● AUTO ● HOME Tom Hornung 302 ‐ 367 ‐ 8776 tom.hornung@ioausa.com Insurance Commercial Property & Liability
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