St. John Properties Inks 94 KSF Lease in Maryland
Tenant Power Solutions signed its fourth deal with the owner.
The new tenant will use the space to prefabricate and store electrical components for the data center sector. Image courtesy of St. John Properties Inc.
St. John Properties has signed a 93,800-square-foot lease at 4754 Arcadia Drive, a 120,000-square-foot high-bay warehouse in Frederick, Md. CBRE Executive Vice President Jon Casella represented the tenant, Power Solutions, while the owner was represented in-house.
St. John Properties financed the development with an $11 million construction loan in 2021, provided by Sandy Spring Bank, CommercialEdge data shows. The asset came online earlier this year. Another tenant at the property is Builders Design, which occupies 15,641 square feet, the same source shows.
Completed on a speculative basis, the facility is part of Arcadia Business Park, a 519,954-square-foot mixed-use development. The 61-acre campus currently comprises four flex/R&D buildings amounting to more than 160,000 square feet and two warehouse facilities totaling approximately 240,000 square feet. Plans call for two more flex/R&D buildings, each measuring about 60,000 square feet.
The building features 32-foot clear heights, 130-foot truck courts, 35 dock-high loading doors and two drive-in doors, together with 250 parking spaces. The new tenant plans to employ 90 persons at its new space.
Located at 4754 Arcadia Drive, the property provides access to interstates 270 and 70. Downtown Washington, DC, is 47 miles southeast, while downtown Baltimore and Baltimore/Washington International Thurgood Marshall Airport are some 53 miles away.
This deal marks the fourth leasing agreement between the two parties, with Power Solutions occupying more than 165,000 square feet at multiple St. John Properties assets. Other leases include the firm’s 48,000-square-foot headquarters at Melford Town Center in Bowie, Md., and a 23,280-square-foot space at Ashburn Crossing in Ashburn, Va.
Maryland’s growing industrial pipeline
St. John Properties is currently working on a 635,000-square-foot mixed-use business complex in Waldorf, Md. That campus is set to comprise 550,000 square feet of R&D, 60,000 square feet of retail space and 70,000 square feet of office space. The first phase is expected to come online in 2025.
In June, Merritt Properties broke ground on White Marsh Interchange Park, a 750,000-square-foot industrial complex in White Marsh, Md. that will consist of nine buildings. The first phase of that project, which will include three facilities, is slated for completion in spring 2024.
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