Multi-Structure Biz Park Brings in Nearly $26M

LANHAM, MD-Ownership of Southgate at Washington Business Park has changed hands in a $25 million deal between buyer First Industrial Realty Trust Inc. and seller Southgate at Washington Park Inc. The 440,000-sf compound of seven industrial and office buildings, occupies a nearly 50-acre parcel off I-50. According to Maryland Department of Assessments and Taxation records for Prince George’s County, each of the structures carries a 2004 assessed value between $2.1 million and about $3.3 million. The property last hit the market in 1995 when Prudential Insurance Co. of America sold it for $16 million.

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.”