Paper Warehouse Sells for $6M

UPPER MARLBORO, MD-Relying on the assistance of Walker & Dunlop, Duke Realty Corp. has handed over ownership of a 96,000-sf industrial facility to an unnamed private investor in exchange for $6.1 million. The warehouse/distribution facility is completely occupied by RIS Paper Inc., which sold its former 58,500-sf home in Capitol Heights, MD last year for nearly $3 million to relocate to this new build-to-suit facility.

Located at the Prince George’s County-owned Colllington Commerce Center in the Outer Beltway/Rte. 301 Corridor submarket, the RIS Paper Building is in good company. Guardian Van Lines, Nordstrom and Thomas Somerville all call the park home; Marlo Furniture is planning a 300,000-sf build-to-suit at Collington, and Tribble’s is on board for a 95,000-sf facility. And building sales have been brisk in the park over the past year–in 2003, Finmarc acquired a 100% leased 80,000-sf structure and a 100% leased 68,000-sf structure for $3.5 million and $3 million, respectively.