Marcus Partners Beefs Up DC Metro Industrial Portfolio With $42M Acquisition
Marcus Partners has acquired the Kirk Collection, a two-building industrial portfolio in Beltsville, Md., for $42 million.
Standard Properties was the seller, having acquired the buildings in 2017 for an undisclosed sum.
The 268,000-square-foot portfolio was 100 percent leased at the time of the sale.
“Among a variety of other investment strategies, we continue to focus on well-located industrial assets with strong overall functionality and meaningful downside protection,” Andrew Dolinsky, principal and Washington, D.C. regional director of Marcus Partners, told Commercial Observer. “This portfolio fits well into those criteria.”
The acquisition raises the firm’s Washington, D.C., Metro industrial portfolio to approximately 620,000 square feet across seven properties.
Located at 11900 and 12000 Old Baltimore Pike, the buildings offer access to major transportation thoroughfares I-95, I-495, Route 1, and the Baltimore-Washington Parkway.
The two buildings sit on 9.1 acres and feature one loading dock per every 6,400 square feet, clear heights of 18 to 20 feet, and 1.2 parking spaces for every 1,000 square feet of building space.
“We plan to infuse select capital into the properties and to enhance the overall institutional nature of asset and property operations,” Dolinsky said.
Standard Properties was represented by Institutional Property Advisors’ Chandler Pace and Dan Gaffey. Marcus Partners was not represented in the deal.
Keith Loria can be reached at Kloria@commercialobserver.com.