Turnbridge, Manekin JV Acquires 442-Acre Development Site in DC Suburb for $20M
A joint venture between Turnbridge Equities and Manekin has received $19.75 million in financing to acquire National Capital Business Park, a 442-acre development site in Upper Marlboro, Md.
The financing was provided by Monroe Capital. Cushman & Wakefield‘s equity, debt & structured finance team served as the exclusive adviser on the deal.
The development site, zoned for industrial use, spans 442 acres and can accommodate up to 3.1 million square feet of Class A industrial product. The owners said they intend to build out the park over the next few years, depending on market demand.
“The D.C. Metro market currently displays a zero percent, Class A industrial vacancy rate, positioning this project, ideally, to capitalize on surging demand for best-in-class industrial space,” TJ Sullivan, an associate director at C&W, said. “This site is also one of the last and largest industrial-zoned tracts in the Washington-Baltimore-Arlington [combined statistical area].”
Beyond the market and site conditions that make it an appealing opportunity, Sullivan said that the combination of institutional and local sponsorship that Turnbridge Equities and Manekin provide made it even more appealing to lenders.
“Short-term acquisition financing was provided, with the goal of expanding the facility in the future for horizontal pre-development work,” he said.
National Capital Business Park is located in Prince George’s County in the I-95 corridor, six miles outside the Capital Beltway and along the distribution corridor at Route 301.
“The site’s location east of the Beltway, where access in and out of Washington, D.C., is materially more convenient than from the west, makes it an ideal location for a Class A, last-mile industrial campus within the Washington-Baltimore-Arlington CSA,” Sullivan said.
The Cushman & Wakefield team also included John Alascio, Meredith Donovan, Michael Zelin, Marshall Scallan and Bindi Shah.