WASHINGTON, DC-CBRE is bringing to market two industrial properties in Prince Georges County: one is located at 8880 Gorman Rd. in Laurel and 9950 Business Pkwy in Lanham. They are two core, class A industrial offerings that are 100% occupied, CBRE's Marc N. Rampulla tells GlobeSt.com. Rampulla is listing the properties with colleagues Bo Cashman and Jonathan Beard.
CBRE recently arranged the sale of a distribution facility in the Ardmore Industrial Park at 7721 Polk St. in Landover. The currently vacant asset was acquired from McKesson Corporation for $4.15 million by Endurance Real Estate Group. CBRE's Ralph Haught, Jay O'Donnell and Rampulla represented the seller in the transaction.
In general, industrial activity in Prince Georges County is picking up for a number of reasons, Rampulla says. "There is more investment capital in the market then there are available deals, so capital is seeking out safer risk adjusted returns. Such capital likes markets with higher barrier to entry, which Prince Georges County has."
There has been increased number of larger leases being signed in Prince Georges County, he says, bringing vacancy for warehouses down into the 8% range. That means investors are becoming more comfortable underwriting vacant lease up and value add opportunities.
All of that, coupled with the fact that value-add opportunities are hard to find in this area, is driving activity, Rampulla concludes.
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