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Prologis has acquired 50.3 acres of land in Upper Marlboro, Md., with plans to construct a 340,000-square-foot industrial park approximately 15 miles outside Washington, D.C., according to the company.
May Riegler Companies was the seller in the off-market deal. The price was not disclosed.
The five-parcel assemblage at 3200 Flowers Road in Prince George’s County is fully entitled for Class A industrial development, according to Newmark (NMRK), which facilitated the sale.
“The continual growth of data center development in Northern Virginia is making it challenging for industrial and logistics tenants to find space that allows them to service D.C. and the large consumer population surrounding the city,” Ben McCarty, a managing director at Newmark, told Commercial Observer. “This was a rare opportunity to buy fully entitled, industrial zoned land in a severely land-constrained market.”
The Prince George’s County site offers immediate access to the D.C. metro population, along with regional access via Interstate 95, he added. The county boasts strong market fundamentals, including a vacancy rate below 2 percent for Class A industrial assets.
“Bordered by the nation’s capital to the west and agriculturally zoned land to the east, Prince George’s County is a highly land-constrained market that offers access to the large consumer population base surrounding the District and the Port of Baltimore in less than a one-hour drive time,” McCarty said.
The Greater Baltimore/D.C. industrial market has seen 16.8 percent growth in year-over-year rents and an average three-year annual absorption of close to 1 million square feet, according to the latest data from Newmark.
In August, Prologis paid $199.4 million for an industrial complex in Lanham, Md., as part of a $3.1 billion industrial portfolio it acquired from fellow industrial heavyweight Blackstone.
Newmark was the sole broker on the deal. Joining McCarty was joined by the firm’s Cris Abramson and Nick Signor.
Keith Loria can be reached at Kloria@commercialobserver.com.
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