Southgate's seven structures, which were developed in the late 1970s and early '80s, carry addresses on the 9000 block of Martin Luther King Jr. Hwy and the 4000 block of Boston Way. "The property is well-positioned in the market," Mike Royce tells GlobeSt.com of Southgate's assets. Royce and Jim Darby of Transwestern Commercial Services' Transwestern Investment Sales team represented First Industrial in the acquisition. "It is at the intersection of Rte. 50 and I-495. Rte. 50 is the east-west route to Washington, DC, and I-495 goes north and south into Prince George's County."

The park is nearly fully leased, which, according to Royce makes the property "stable, as far as rents are concerned." The diverse tenant base includes Rowman & Littlefield Publishers Inc., Office Movers Inc., telecommunications association BICSI Inc., and printing and digital imaging firm Art & Negative Graphics Inc. What there is of the vacancy is an upside for the new owner, who will be able to lease the space at market rates. "We looked in the area for some time, and this location became a good investment for First Industrial," Royce adds. "They're continuing to look for opportunities in the area, and while we are not their exclusive representative, we will present opportunities to them as they arise."