DC-Area Industrial Building Trades for $7.5M to Crowdfunding Firm
D.C. crowdfunding investor Fundrise has acquired Steeplechase Building H, a 19,973-square-foot industrial building in Capitol Heights, Md., just outside Washington, D.C., for $7.5 million, according to Transwestern, which facilitated the transaction.
Atapco Properties was the seller of the property, which is located at 9300 Alaking Court, within the Steeplechase 95 International Business Park, a 110-acre, mixed-use business park and retail center off the Capital Beltway.
“The business plan of Atapco—the developer of the park—has always been [to] build them, lease them, sell them, and they have done that successfully for 11 buildings now,” Mark Glagola, Transwestern’s senior managing director, told Commercial Observer. “This was a piece with incredible visibility facing the Beltway, is close to D.C. and has good access off I-95.”
The property is fully occupied by Pepsi and its subsidiary Frito-Lay, who are using the space as a sorting center, on a long-term lease.
“What we see more and more, is an ecommerce style of building for what we see as an evolving ecommerce-style of business, which is skinnier, more doors and more parking,” Glagola said. “This is basically a transition point for big trucks coming in and it’s broken down into small delivery vehicles and out it goes.”
The Steeplechase 95 park includes a tenant roster of Restaurant Depot, Johnson Controls, the federal government and Dewalt.
Joining Glagola on the deal was Transwestern’s executive vice president Gerry Trainor and director Thomas Hilley.
“We were fortunate to be in a position to be able to close at a time when most other deals were falling through,” Brandon Jenkins, Fundrise’s COO, said in a prepared release. “Working with such an experienced broker team was key in making sure it got done. Ultimately, we are believers in the long-term growth potential of well-located, last-mile type assets and this property is a great example of that.”
Fundrise, founded in 2012, manages more than $1 billion of equity and counts more than 130,000 individual investors, according to its website.