Construction currently underway for building situated in Collington Park business community in Upper Marlboro featuring 32-foot clear ceiling heights and 23 dock doors, with delivery scheduled for fall 2021

Cabot Properties, Inc., an international private equity real estate investment fund, together with development partner MRP Industrial, a commercial real estate and investment company, have broken ground on a new speculative 86,840 square foot warehouse/industrial building in the Upper Marlboro section of Prince George’s County, Maryland. The site is contained on an approximate seven-acre parcel within the Collington Park business community, with delivery expected to occur in fall 2021.Late last year, Cabot Properties acquired the development site from MRP Industrial for an undisclosed price.

Fronting Queen’s Court and directly off MD Route 301, the single-story concrete tilt-wall building features 32-foot clear ceiling heights, 23 dock and two drive-in doors, LED lighting, a 120-foot truck court to support the movement of large tractor trailers and segregated parking fields for employee and visitor parking for nearly 100 vehicles. The large, open space floorplate is suitable for a range of light manufacturing, warehouse, logistics and last-mile operations and can accommodate both a single and multi-tenant use.

“We have tremendous confidence in our ability to quickly bring this speculative building to 100% occupancy based on the velocity of user demand that continues for this real estate product type both nationally and locally,” explained Carey Herrlinger, Director, Investments of Cabot Properties. “The Prince George’s County region, in particular, is benefited by its strategic location embedded within the Combined Statistical Area of the Washington, D.C.-Baltimore area that contains 10 million people. With direct access to MD Route 301, a major north/south highway servicing the as far north as Delaware and extending into Richmond, Virginia, end-users will be able to reach a majority of the MSA’s population under a one-hour drive. A strategic position 10 minutes from Interstate 495 provides immediate connections throughout the greater DC marketplace.”

According to figures generated from the Prince George’s County Economic Development Corporation, the population of the county is more than 970,000 and its $81,240 media household income exceeds the national average by more than 35%. In addition, nearly 16,000 businesses employ more than 230,000 workers and the county is the home of federal agencies including Joint Base Andrews, NASA Goddard Space Flight Center, FDA and NOAA. The Washington, D.C. industrial market experienced 7.1% year-over-year rent growth, which represents the third-highest increase throughout major industrial markets in the country, suggests data from Transwestern.

Site Plan

The Collington Park business community consists of more than four million square feet of industrial/warehouse space, with a current vacancy rate under 3.7% which is significantly below the County-wide figure of 6.6% according to year-end figures. Target Corporation and Amazon took major distribution positions within the park last year, totaling more than one million square feet of space collectively, with additional park tenants consisting of FedEx, La-Z-Boy, Nordstrom and Thos. Summerville.

“The parcel is one of the few remaining development sites at Collington Park, and the business community has outperformed expectations given the leasing success with many national companies,” explained D. Reid Townsend, Principal of MRP Industrial. “We are extremely optimistic about the leasing prospects for this building given the strong demand among end-users for last-minute logistics requirements, coupled with a challenging environment for entitling new projects and the scarcity of shovel-ready sites in the suburban Maryland metropolitan region. Demand has certainly outpaced supply in this product type, as driven by the enhanced ecommerce habits of the American consumer and next-day delivery demands. The presence of a highly-skilled labor force that can handle modern logistics operations exists in great supply in Prince George’s County, and this adds to the appeal.”

Collington Business Park is situated approximately 20 miles from Washington, D.C., 40 miles from the Port of Baltimore, 120 miles from Richmond and 200 miles from the Port of Virginia in Norfolk.

NAI Michael has been selected as the exclusive leasing broker for this leasing requirement with Lance Schwarz, Senior Vice President and Peter Burleigh, Vice President, handling the assignment.

Cabot Properties is an international private equity investment firm exclusively focused on industrial properties. The firm invests, develops and operates developments throughout North America, the United Kingdom and Europe with more than $10 billion worth of investments currently encompassing more than 1,400 assets and more than 190 million square feet of space. The company maintains headquarters in Boston and operates offices in London and Sydney.

Founded in 2013, MRP Industrial focuses on strategic investments in core industrial markets and high growth submarkets across the northeastern section of the United States. The company specializes in the acquisition, development, financing and leasing of industrial real estate. MRP Industrial’s institutional capital partners and corporate clients are provided with a full array of real estate development options, including build-to-suit development, fee development services, speculative investment and value-add acquisitions. MRP industrial is considered among the most active developers within its target submarkets, having developed 41buildings comprising nearly 17million square feet of space. The company also maintains a future development pipeline consisting of 1,100 acres with the ability to development approximately 10.4 million square feet of space. For more information visit www.mrpindustrial.com