(Mark Your Calendars. The 11th Annual RealShare Washington, DC convenes at the Ritz Carlton, June 1.)
GAITHERSBURG, MD-A partnership led by Willco Cos. has closed on one of the largest industrial portfolio acquisitions in the Washington, DC area this year. The 285,000-square-foot, eight-asset portfolio is located at Montgomery County Airpark. The sellers of the buildings, which house 60 tenants altogether, are limited partnerships and were represented by Jones Lang LaSalle. BB&T Bank provided the financing in the $30-million acquisition.
The portfolio will be re-branded as Willco Business Center at Montgomery County Airpark. The portfolio is approximately 75% leased. Tenants include M&T Bank, wholesale distributor Ferguson and the construction services company Cianbro.
The acquisition is a value-add play for Willco, COO Jason Goldbatt says in a prepared statement, calling the portfolio underperforming. The firm plans to target high-quality, service-oriented tenants to fill the existing space, while focusing on reducing operating expenses.
The company also plans upgrades to the facilities. “We believe that as the economy improves, demand for well-located warehouse and distribution space will increase,” Goldblatt says.
This year, Willco intends to step up its acquisition of small-bay, service-oriented flex/industrial assets. Its industrial footprint in the DC market is more than two million square feet. Willco did not return a call to GlobeSt.com in time for publication.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
