Exeter Property Group Buys Large Upper Marlboro Industrial/Flex Portfolio for $37M
- Jun 02, 2014
Exeter Property Group continues its shopping spree in Maryland. The Pennsylvania-based company has been buying industrial properties in the Old Line State for the past two years. This week, it closed its largest acquisition to date.
Exeter paid $37 million to MGP Real Estate to acquire the Collington Trade & Business Center in Upper Marlboro, Prince George’s County. The industrial/flex portfolio is located at 501–687 Commerce Drive and 15800-15850 Commerce Court. It offers 576,652 square feet of space and, according to a news release, it was 60 percent leased at the time of the sale, to 40 tenants.
Cassidy Turley’s capital markets team represented the seller in the transaction, including Jonathan Carpenter, Jud Ryan, Bill Collins, Paul Collins, Drew Flood and James Cassidy.
“Demand for industrial investment opportunities in the Washington-Baltimore region has intensified in 2014,” said Carpenter, managing director & principal at Cassidy Turley, in a statement for the press. “Investors recognize the compelling supply-and-demand fundamentals of the industrial market that services the third-largest consumer population in the country.”
This is Exeter’s second acquisition in the state of Maryland in a month. At the start of May, the company purchased Greenway Pointe in Columbia. TA Associates Realty sold the three-building office portfolio for $16.1 million.
Greenway Pointe is located at 7164, 7168 & 7172 Columbia Gateway Drive. The three buildings were constructed in 1988 and offer a total of 117,676 square feet of space. The portfolio was fully occupied at the time of the sale by multiple tenants, including Cardinal Health, Columbia Bank, Jacobs Co. and Toll Brothers.
Photo credit: MGP Real Estate