By Adrian Maties, Associate Editor
MRP Industrial, an affiliate of MRP Realty, and AEW Capital Management recently broke ground on a new speculative industrial building in Prince George’s County. The project is scheduled to be completed next spring.
The Class A facility is located at 16115 Queens Court, in Bowie. MRP Industrial and AEW are constructing it on a 12.8-acre site within Collington Trade Center, an industrial park with 32 buildings and 4.1 million square feet of single-tenant distribution space. The park is home to companies such as Safeway, Nordstrom, Buck Distributing, Verizon, Welch & Rushe, Tribles, McArdle Solutions and Rexel Electric Supply, as well as FedEx Ground’s new 175,000-square-foot package sorting facility.
Once complete, the building will offer 220,800 square feet of industrial space. According to the developers, it will feature 50 off-building trailer storage stalls, a rare amenity in the land-constrained marketplace, as well as 32-foot clear height and parking spaces for 170 vehicles.
The cost of the project was not disclosed. It is designed by Ben Dyer Associates and MGMA. Nardi Construction is the general contractor, with financing provided by Eagle Bank. NAI Michael Co. is the leasing agent for the project.
“Our strategic investment with AEW on this project addresses the need for Class A industrial space and capitalizes on the increase in valuations for stabilized buildings in the local market,” D. Reid Townsend, principal with MRP Industrial, said in a statement for the press. “The campus setting, prominent location and modern design features will be attractive to tenants seeking a distribution center to service the Mid-Atlantic region.”
According to CBRE’s industrial market report for the second quarter of 2014, the overall vacancy rate in suburban Maryland declined 0.3 percent over the quarter, to 11.8 percent. Prince George’s County had an overall vacancy rate of 11.5 percent. During the same period, suburban Maryland experienced a $0.03 per square foot drop in flex rents, to $10.53 per square foot, and an increase of $0.03 per square foot for warehouse rents, to $6.72 per square foot. In Prince George’s County, the asking rent for flex buildings was $8.20 per square foot in the second quarter, while warehouse properties rented for $6.94 per square foot.Photo credit: www.collingtonpark.com Charts courtesy of CBRE.