PERRYMAN, MD- A joint venture between Ryan/Emory Properties and Northwestern Mutual Real Estate Investment is currently developing a 650,000-square foot build-to-suit industrial facility in the Mid-Atlantic Distribution Center here. Work on the pad site began in the spring to make sure the tenant's May 2014 delivery date could be met. And the lease? Well, that was inked at the end of September.

If that sequence sounds a bit off that is because it is. However the owner was willing to take a risk on the tenant, cosmetics retailer Sephora, Vice President Thomas "Toby" Mink of CBRE Industrial Services, who represented Sephora, tells GlobeSt.com. "If Sephora didn't sign the lease the developer said it would go ahead and build the project anyway," he says.

The facility is a consolidation for Sephora, which already occupies 386,677 square feet nearby. The company went through a multi-state site selection process and in-depth study of its distribution and supply chain before it settled for a build-to-suite at the Mid-Atlantic Distribution Center, he says.

The JV was represented by Matt Ryan of Ryan Commercial. CBRE's Bill Pellington collaborated with Mink in the transaction. The facility will deliver in May of 2014. It is located at 531 Chelsea Rd.

Instant Insights /

JV Takes Gamble on 650,000 SF Sephora Lease And Wins

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