LANDOVER, MD-Finmarc Management, a Bethesda, MD-based company that has completed some interesting deals over the last few months, has sold a government-occupied warehouse facility here for $31.65 million. The 216,000-square foot facility has been occupied by the Library of Congress in a long-term lease that was renewed recently.
The Library of Congress Landover Center Annex is located at 1701 Brightseat Rd. It is a controlled-temperature storage facility that is currently accommodating a portion of the Library's collection of documents, photographs and archival records.
Salus Government Properties LLC, headquartered in Charlotte, NC, is the buyer. It specializes is government-occupied buildings and owns a number of assets in the Washington DC area.
CBRE's Marc Rampulla, Scott Frankel, Marcy Owens Test and Edward Welbourn represented Finmarc Management in the deal. William Bradley of CBRE Richmond advised the purchaser.
The facility is, in fact, more than just a temperature-controlled space and the Library of Congress is more than just a long-term tenant. 1701 Brightseat Rd. features six refrigerated Hercules cold vaults, and an on-grade loading on each of the building's two stories. The Library of Congress has used it for 35 years in a variety of vital functions from housing its Office of Contracts and Logistics to as storage for rare books, microfilm, photography, periodicals, written music and drama. The Library is also using the facility now for supply request fulfillment, furniture and fixture storage and request fulfillment for its Reading Room.
"There is a long history of occupancy in this space," Rampulla tells GlobeSt.com.
Even without the all-but-guaranteed presence of the Library of Congress at the warehouse, in general government-occupied facilities are hard to come by, and not surprisingly, bidders compete strongly for such assets when they do come to market. That happened with this asset as well, Rampulla says.
"There was a lot of competition for this property and numerous offers."
The buyer secured financing for the deal.
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