Normandy Closes $250M OZ Fund, Will Develop Last-Mile Warehouse With Pinkard
A JV between Normandy Real Estate Partners and The Pinkard Group acquired 716 Ritchie Rd in Capitol Heights.
CAPITOL HEIGHTS, MD—A joint venture between Normandy Real Estate Partners and The Pinkard Group has closed on 716 Ritchie Rd. here. The partnership will be developing a 160,000 square foot last-mile industrial warehouse building at the site.
This deal coincides with the closing of Normandy Opportunity Zone Fund, LP, a discretionary fund that is targeting $250 million in commitments and seeking redevelopment and ground up construction opportunities located in select Opportunity Zones throughout the Northeast US. Normandy already owns and is developing approximately one million square feet of properties located in Opportunity Zones, according to Jeff Gronning, founder of Normandy Real Estate Partners and portfolio manager of the Normandy Opportunity Zone Fund.
The Pinkard Group and Normandy Real Estate Partners will work jointly on the development of the 10.4-acre site. They plan to begin construction by year end with delivery scheduled for late Fall of 2020.