Terreno Realty Buys Maryland Distribution Property for $50M

A development firm from Maryland has traded an industrial property in the DMV to Terreno Realty for a profit compared to the asset’s 2020 acquisition price. 

Baltimore-based Atapco Properties sold the roughly 187,000-square-foot distribution building at 2300 Craftsman Circle in Hyattsville, Md., for $50 million. Atapco acquired the facility from the developer for $15 million in mid-2020, PropertyShark records show. The acquisition was part of a short-term, sale-leaseback deal with a private local investor, per reports at the time. 

Terreno plans to invest another $7.6 million to permit and build interior finishes to the property, which are expected to be complete by early 2027. The building is only about one mile north of the Washington, D.C., border, adjacent to the Baltimore-Washington Parkway and U.S. Route 50.

Representatives for Terreno and for Atapco did not immediately respond to requests for comment. 

Terreno is based in Bellevue, Wash., but also owns and operates properties in the DMV, New York, New Jersey, Southern California, South Florida and the San Francisco Bay Area. That includes a 99,340-square-foot warehouse in Redondo Beach, Calif., which it acquired from MetLife in August for $35.5 million, and an Amazon-leased warehouse in Red Hook, Brooklyn, purchased last November for $157 million. 

Nick Trombola can be reached at ntrombola@commercialobserver.com.