Beltsville, MD — Marcus Partners, a real estate investment, management and development firm, announced the acquisition of Muirkirk Business Center, a two-building, small-bay industrial portfolio totaling 121,207 s/f in Beltsville. The transaction represents the firm’s fifteenth industrial acquisition and its first industrial acquisition in the Washington-Baltimore market. Similar to its industrial strategy in the Boston Metro area, the team anticipates creating a portfolio of class A and B, strategically located industrial assets in the region.
“After successfully raising a $360,000,000 equity fund earlier this year primarily targeting both existing and development investments within industrial, multi-family, and life science, Muirkirk Business Center is a great addition to the growing portfolio,” said Andrew Dolinsky, a principal of Marcus Partners and its Washington DC regional director. “This acquisition is an exciting milestone for our team given our conviction in the strength of the industrial sector and within the Washington DC Metro area as a whole.”
Well-located at 6850 Distribution Dr. and 12201 Distribution Way in the Beltsville, Maryland submarket, the portfolio maintains strong access to major population and employment centers including Washington, DC, Baltimore, Northern Virginia, and Montgomery County. Major transportation thoroughfares including I-95, I-495, Rte. 1, and the Intercounty Connector are all within minutes of the buildings.
Muirkirk Business Center is currently 96.5% leased to 12 tenants who have a weighted average tenure of nearly 20 years. The combined buildings sit on 6.6 acres of Industrial Heavy zoned land and offer tenants a 165’ shared truck court, 21’ to 23’ clear heights, one loading dock per every 5,500 s/f, one drive-in per every 6,400 s/f, and outside storage.
NAI Michael’s Lance Schwarz and Peter Burleigh led the acquisition/sale process and will continue leasing efforts at the properties going forward. Colliers International’s Erik Binkowski and David Kaizer led the financing process.
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