(To read more on the industrial market, click here.)

COLUMBIA, MD-Corporate Office Properties has teamed up with Opportunity Invest LLC in a joint venture that will focus on acquiring warehouse properties predominantly located in the Greater Washington, DC area for redevelopment into class A office properties The joint venture, COPT Opportunity Invest I LLC, will spend up to $300 million on purchases, two of which have already closed.

In establishing the joint venture, COPT made an initial investment of $900,000 and will have ownership of an 80% to 93% interest in the properties acquired by COPT Opportunity. Opportunity Invest made an initial contribution of $100,000 for the JV's formation.

"This joint venture with Opportunity Invest will allow the company to invest in redevelopment properties that we would typically not have an opportunity to own," COPT president and CEO Randall M. Griffin says. "We believe there is demand for this product type and price point in our markets, which further solidifies our strong market position."