Turnbridge, Manekin Secure $275M for Industrial Park Development in DC Suburbs
A joint venture between Turnbridge Equities and Manekin has secured approximately $275 million in debt and equity to capitalize a massive industrial park development, called the National Capital Business Park, in Upper Marlboro, Md.
The funding includes both construction financing and JV equity, and will go toward the first phase of the sprawling 94-acre logistics campus, which will feature five Class A industrial buildings, four of them built on spec. Combined, the buildings will span a total of 1.3 million square feet.
The fifth property will be a 358,000-square-foot build-to-suit building for Ferguson Enterprises, a plumbing and construction supplies distributor.
A fund managed by an Apollo Global Management (APO) affiliate provided the $165 million construction loan, and a joint venture between the Qatar Investment Authority (QIA) and PCCP provided nearly $110 million of equity.
All of the buildings will have solar panels on their roofs, which will generate approximately 11.3 megawatts of electricity.
At full buildout, National Capital Business Park in Prince George’s County will offer up to 3.5 million square feet of industrial space, including distribution, logistics, light manufacturing, storage and cold-storage.
There will also be an adjacent 20-acre multipurpose park for the community and an on-site preservation of nearly 200 acres of stream valley and forest.
Cushman & Wakefield (CWK)’s team of John Alascio, T.J. Sullivan, Meredith Donovan and Mitch Rothstein represented the developers in the financing, with Jim Carpenter, Jon Carpenter, Graham Savage and Dawes Milchling of C&W’s industrial advisory group also advised the partnership.
Keith Loria can be reached at Kloria@commercialobserver.com.