Search
 

ERealty Fund Makes Foray into DC/Baltimore Market

WASHINGTON, DC-With $200 million in a revolving fund for acquisitions, this company is looking to add to its assets, after recently acquiring a distribution center for Montgomery Ward in Brandywine, MD.

By Marlon Millner | Updated on August 27, 2001

WASHINGTON, DC-A small fund is trying to make a big splash in the area. ERealty Fund, which was established in 1998, recently acquired a huge distribution center for Montgomery Ward in Brandywine, MD. Stuart Miller, a partner with eRealty, declined to give the price of the acquisition, but was comfortable with the $20 million to $25 million value that local real estate players put on the property.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.