BOWIE, MD—Illustrating the sharp appeal of the industrial asset class, MRP Realty and AEW are breaking ground on a spec industrial building located at 16115 Queens Ct.
The 220,800-square foot building will be located on a 12.8-acre parcel with frontage along Robert Crain Hghwy. It is scheduled for delivery in Spring 2015.
The project is located within Collington Trade Center, which includes 32 buildings and 4.1 million square feet of single-tenant distribution. Current tenants in the center include Safeway, Nordstrom, Buck Distributing, Verizon, Welch & Rushe, Tribles, McArdle Solutions and Rexel Electric Supply.
The new building will also be next to FedEx Ground's new 175,000-square-foot fulfillment center, which opened in July.
16115 Queens Ct. will accommodate both single and multi-tenant uses.
The two companies are investing in the facility at a time when valuations for industrial assets are cycling high and the demand for space is robust. “The shortage of industrially-zoned development sites has left limited options for tenants seeking modern, Class A distribution centers in order to service the nearly 10 million people in the Baltimore-Washington MSA," says Lance Schwarz, vice president with NAI Michael Co., in a prepared statement. "With its central location, quality labor pool, competitive cost basis and unparalleled visibility, 16115 Queens Court is the ideal home for a regional distribution center."
Design and entitlements were led by Ben Dyer Assoc. and MGMA. Nardi Construction is the general contractor. Bruce Strasburg and Dan McIntyre of HFF, represented the buyer. Financing was provided by EagleBank.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
