An infill, last-mile, Class A industrial building located two miles from I-95/495 (Capital Beltway) and ten miles from Washington DC.
The Colliers International Capital Markets team of Michael Kendall, Michael Blunt and Gian Bruno along with Colliers Las Vegas Industrial specialist Pat Marsh provided industrial expertise and exclusive representation to the Seller. Black Creek Group purchased the property for $29,650,000.
9900 Business Parkway is an infill, last-mile industrial building totaling 159,600 square feet. Built in 2004, the property contains Class A physical attributes including 24’ clear; tilt-up construction; 61 fully-equipped dock and four oversized drive-in doors; ESFR and heavy power. Given its expansive 12.36-acre site, the property also offers 149 trailer storage stalls which is exceedingly rare for an infill last-mile industrial building.
“Class A infill, last-mile industrial investment opportunities like this are extremely difficult to find,” shared Michael Blunt, an Executive Vice President and Colliers industrial capital markets specialist in the Washington/Baltimore region. “The property’s highly-functional design, exceptional urban-proximate location and cash flow from a long-term leaseback with Freeman all contributed to the robust interest expressed by many industrial investors.”
9900 Business Parkway is one of four properties Colliers is marketing as a national sale/leaseback portfolio on behalf of Freeman. The other properties are located in Las Vegas, Orlando and Dallas.
“The Freeman Connected Portfolio is comprised of quality industrial assets, all of which, are located in infill submarkets with close proximity to transportation infrastructure and dense population,” noted Michael Kendall, an Executive Managing Director and Colliers industrial capital markets specialist in the Irvine office. “Despite significant interest from portfolio and one-off investors alike, proceeding with 9900 Business Parkway as a one-off sale was clearly the optimal decision for Freeman.”
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment.