Realterm Logistics Buys DC Industrial Property for $16M
Realterm Logistics has acquired District Business Center, a two-building, 63,523-square-foot industrial complex in Washington, D.C.
The seller was Berkeley Partners and the price of the deal was $16.4 million, according to public records.
At the time of the sale, both buildings were fully leased.
“District Business Center offered the rare opportunity to acquire an extremely well-located final-mile warehouse within the city limits of Washington, D.C., a market with strong demographics and high barriers to new development,” Arnie Capute, Realterm Logistics’ associate vice president for Eastern region acquisitions, said in a prepared release.
Located at 5925 Blair Road NW and 6025 Kansas Avenue NW on 3.07 acres, the property is four miles from downtown; six miles from Bethesda, Md.; and 10 miles from Arlington, Va.
The D.C. industrial market consists of 252.8 million square feet stretching across D.C., Maryland and Northern Virginia, and the pandemic spurred interest in the sector, as e-commerce accelerated and demand for modern, last-mile distribution space increased.
“This final mile investment is a great addition to our value creation strategy within RLIF,” Steve Panos, Realterm Logistics’ senior vice president for fund and asset management, said in the release. “We’re acquiring an asset that provides an excellent level of high flow-through functionality, the option for repositioning in the long term, a very compelling basis and favorable zoning.”
Robert Bechtel, Bob Filley and Daniel Gaffey of Institutional Property Advisors represented the seller in the deal.