The speculative industrial development will deliver in the first quarter of 2022
Baltimore – March 30, 2021 –CBRE has been selected to lease Washington East Logistics Center. This Class A new construction warehouse totaling 102,377 sq. ft. located at 801 Prince George’s Boulevard in Upper Marlboro, MD. On behalf of Lot 14 Collington Center, LLC, TSC Realty Services is developing the speculative industrial project which will deliver in the first quarter of 2022.
CBRE’s Michael Elardo, Ed Harris, Jared Ross, and Kevin O’Neil will be marketing the property for lease on behalf of the development team.
“In response to the robust market activity in Prince George’s County, the Washington East Logistics Center offers excellent last-mile access to the D.C. markets and submarkets of Prince George’s County, Annapolis, and Northern Virginia. The building and site offer ultimate flexibility and functionality for distribution users ranging from 30,000 sq. ft. to full building users of 102,377 sq. ft.,” said Mr. Elardo, a Senior Vice President at CBRE.
“We are confident that the shortage of functional industrial space throughout the region coupled with the dramatic shift to e-commerce and passage of a large scale infrastructure bill will continue to drive regional industrial rents and valuations,” said Pere Roberts, President of TSC Realty Services.
Located in Collington Trade Center, the Washington East Logistics Center is a Class A speculative warehouse facility. The property has 32’ clear height, 16 (up to 24) loading docks, and an ESFR sprinkler system. It features one acre of outside storage space including 104 parking spaces. This industrial space is conveniently located close to Route 50 and I-95.
According to CBRE Research, 431,000 sq. ft. of new product was added to the suburban Maryland industrial market in 2020, marking a tapering development pipeline for the third year in a row. However, six projects totaling 916,971 square feet are presently under construction, of which 43 percent is pre-leased in the submarket.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.