Ferguson Enterprises Inks Lease in $1B National Capital Business Park
By Keith Loria September 9, 2022 4:55 pm
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Joint-venture owners Manekin and Turnbridge Equities have inked a 358,400-square-foot lease with plumbing distributor Ferguson Enterprises at National Capital Business Park, a warehouse and distribution campus currently under construction in Upper Marlboro, Md., the owners announced.
The 13-building, $1 billion campus is projected to include approximately 5.5 million square feet of warehouse, distribution and light manufacturing space. The first phase of the project is slated to be completed in mid-2023.
The joint venture acquired the 442-acre property in Prince George’s County in January 2021 for $20 million.
Located only five miles from the Capital Beltway in Washington, D.C., the property is one of the few remaining large tracts of undeveloped land that can accommodate industrial development.
When complete, the site will consist of buildings between 50,000 square feet and more than 1 million square feet, designed to meet modern logistics and last-mile distribution standards with expanded employee parking, 175-foot truck courts and numerous trailer drops.
Ferguson Enterprises’ space will be the company’s 11th warehouse in the U.S., and will be utilized to supply next-day deliveries to stores and customers within a 100-mile radius of the D.C. area, according to the company.
The warehouse will feature 36-foot high ceilings, 56 truck doors, and three acres of outdoor storage space.
Ownership was represented in the lease by NAI Michael, while the tenant was represented by CBRE (CBRE).
Requests for comment from the tenant and landlord were not immediately returned.
Keith Loria can be reached at Kloria@commercialobserver.com.
