Marcus Partners Acquires 121K Industrial Complex in Maryland
Marcus Partners, a Boston-based, real estate investment and development firm, has acquired Muirkirk Business Center, a 121,206-square-foot, two-building industrial complex in Beltsville, Md.
The acquisition represents the company’s 15th industrial acquisition and its first in the Washington-Baltimore market.
The seller, Bristol Capital Corp., acquired the property for $9.85 million in 2015,according to the company’s website.
Although the price was not disclosed, the deal came about, thanks to the $360 million equity fund that Marcus Partners raised earlier this year to target both existing and development investments within industrial, multifamily and life science developments.
Located at 6850 Distribution Drive and 12201 Distribution Way, the buildings are within minutes to I-95, I-495, Route 1, and the Intercounty Connector.
At the time of the deal, Muirkirk Business Center was 96.5 percent leased to 12 tenants who have a weighted average tenure of nearly 20 years.
“This acquisition is an exciting milestone for our team given our conviction in the strength of the industrial sector and within the Washington D.C. Metro area as a whole,” Andrew Dolinsky, a principal and Washington, D.C., regional director at Marcus Partners, said in a prepared statement.
The property, which sits on 6.6 acres, features a 165-foot shared truck court, 21- to 23-foot clear heights, one loading dock per every 5,500 square feet, one drive-in per every 6,400 square feet, and outside storage.
NAI Michael’s Lance Schwarz and Peter Burleigh represented the buyer in the deal and will continue leasing efforts at the properties going forward. Colliers International’s Erik Binkowski and David Kaizer led the financing process.
Industrial properties in the area are currently being very competitively sought after, with purchasers paying prices equivalent to 4 percent cap rates and below. A recent comp showed that NorthBridge Partners acquired the James A. Cassidy Building, a 123,000-square-foot, warehouse and industrial facility in Beltsville, for $15.5 million last March.