Newmark Facilitates $12M Industrial Sale in Tightening D.C. Suburb
The Pinkard Group has acquired 8700 Ritchie Drive, a 103,000-square-foot industrial building in the Washington, D.C., suburb of Capitol Heights, Md., for $12.3 million.
Newmark represented both parties in the deal. The seller was not disclosed.
The property is located in the Hampton Park submarket in Prince George’s County.
“In a market with minimal vacancy, 8700 Ritchie offers a rare opportunity to buy an institutional product with a meaningful value-add component,” Ben McCarty, Newmark’s associate director, told Commercial Observer.
The Class A industrial facility was originally built in 2000, and offers 26-foot clear heights. It’s situated on a 6.02-acre lot, which is fenced in and offers secure outdoor storage and plenty of parking.
Prince George’s industrial market consists of 52.2 million square feet across 10 submarkets, with positive absorption and declining vacancy every quarter over the past few years, despite the heavy influx of new product, recent Newmark data showed.
In the past five years, the county saw 21 industrial deliveries totaling more than 2.9 million square feet of product, and is poised to tighten further due to demand from tenants who serve Washington, D.C., and the lack of available land for future industrial development.
“Prince George’s County continues to be a top-tier industrial market nationally for institutional investors,” McCarty said. “We are seeing a tremendous amount of new capital coming to the area. Our intimate knowledge of the market and strong relationships with both local and institutional owners allowed us to connect the buyer and seller in this off-market transaction.”
At the time of the sale, 8700 Ritchie Drive was 40 percent leased to REW Materials on a long-term lease. Newmark’s Senior Managing Director Brian Kruger is the exclusive leasing agent for the property.
Newmark Executive Managing Director Cris Abramson, Director Nick Signor and Senior Managing Director Lisa Benjamin all took part in the deal.