The 624,000-sf distribution center is one of several Ward warehouses eRealty would like to acquire now that the retailer is in bankruptcy. Miller told GlobeSt.com that his firm is not interested in all of their centers, about seven in all, but select properties.
The local center sits on 55.6 acres on Cedarville Road. Miller said the property could be expanded to 800,000 sf, but eRealty would only do that if a tenant wanted to expand. CB Richard Ellis is the broker for the property.
This may be the first deal in this region for eRealty, but it won't be the last. Miller said that during the firm's due diligence on the property, it became familiar with the region, and would like to do as much as $60 million of acquisitions here.
ERealty is also looking broader than Washington, going as far north-northwest as Harrisburg, PA, and east-northeast as far as central New Jersey.
Miller was tight-lipped about just how much money the fund or funds have, and how much real estate it owns, but he gave a ballpark value of a "couple hundred million" on the fund's assets. He said eRealty, which was founded in 1998, owns property in Hawaii, California, Indiana and Chicago, where Miller is based. His other two partners--Ed Bushor and Damian McKinney--are based in San Diego.
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