Miami-Based REEF Technology Signs Industrial Lease in DC Suburb
By Keith Loria September 22, 2021 4:19 pm
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REEF Technology, a Miami-based company transforming parking assets into neighborhood hubs, has signed a 63,749-square-foot lease at the Gorman Center at Savage Mill, a 140,798-square-foot industrial property in the Washington, D.C. suburb of Laurel, Md.
Landlord Morgan Stanley (MS) has owned the property since August 2017.
Colliers (CIGI) represented the tenant in the deal. The rent was not disclosed, but CommercialCafe lists the asking rent around $9.50 a square foot.
“This location allows them to effectively service their customer bases in both Washington, D.C., and Baltimore due to its strategic location,” Adam Schindler, executive vice president at Colliers, told Commercial Observer. “The building is now fully leased and Morgan Stanley’s portfolio of industrial assets in the area have performed very well in COVID.”
Located at 8880 Gorman Road, the property was originally built in 2000 and is just 25 miles from D.C., with access to I-95, I-495 and I-295. The property is also near the cotton mill at Savage Mill, a historic site which has been turned into a complex of shops and restaurants.
REEF is using the space for storage and logistics support for ghost kitchen operations in ways that will connect residents to locally curated goods, services and experiences.
“We’re excited to grow our presence in the region and continue bringing the best food, services and experiences to more neighborhoods,” Mario Abati, REEF’s senior real estate manager, said in a prepared release. “By connecting more innovative brands to more customers and bringing more jobs into the community, we hope to further our mission to make the place you live the place you love to be.”
Colliers teams from D.C. and Atlanta worked in concert to secure the long-term lease. The landlord was represented by Lincoln Property Company.
Keith Loria can be reached at kloria@commercialobserver.com.
