Newmark announces the sale of 7600 Assateague Drive, also known as the Mid-Atlantic Commerce Center, an 853,520-square-foot Class A industrial building in Jessup Maryland. An investment vehicle currently managed by Grandview Partners purchased the property from a joint-venture led by local operator, Manekin. This transaction is the largest-ever single-asset industrial sale by square footage in the Baltimore-Washington Corridor market*.
Executive Managing Director Cris Abramson, Director Nicholas Signor and Associate Director Ben McCarty of Newmark’s Maryland Capital Markets team facilitated the sale, while Senior Managing Director Brian Kruger provided leasing advisory services.
“This sale represented a rare opportunity for Grandview Partners to both enter the market and place a meaningful amount of value-add capital in an exceptional property with investment-grade tenancy,” said Abramson.
Grandview Partners’ Managing Partner Jeff Usas commented: “We are expanding our industrial portfolio in the Mid Atlantic through both ground-up development and operating properties. 7600 is a compelling opportunity to continue to do so with a strong tenant base and the ability to deliver great value to the market.”
7600 Assateague is currently home to Walmart, Pepsi and ASR Group and has one 272,944 SF suite available for lease. The new owner has selected Newmark for the property leasing and marketing with Brian Kruger and Erik Evans handling the assignment.
*Source: Real Capital Analytics
About Grandview Partners
Grandview Partners is a privately-owned, real estate investment manager. As of December 31, 2019, Grandview manages or sub-advises approximately $1.2 billion of real estate investments in the US focused primarily on industrial (7.1 million square feet), office (4.1 million square feet) and land development investments on behalf of insurance companies, public pension funds, private pension funds, endowment funds and private foundations.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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