Rreef Adopts Two-Part Strategy for $125M Buy

COLUMBIA, MD-Rreef will be taking a two-pronged value-add approach to its recently acquired industrial portfolio in Howard County. The fund acquired the two-million-sf, three-building portfolio for $125 million recently from Invesco Plc.

Gateway Commerce Center is comprised of 8901 Snowden River Pkwy., a 960,000-sf building; 8700 Robert Fulton Dr., which has more than 700,000 sf of space and 6751 Alexander Bell Dr., a nearly 258,000-sf building. Tenants include Sears, Revlon, Time Critical Freight and Jack and Jill’s Ice Cream.

Currently the buildings are 85% occupied, Hamilton Loving, district management with Rreef tells GlobeSt.com. However over the next year, either due to lease expiration or planned tenant moves, the buildings will be virtually empty. The acquisition price is reflective of these upcoming vacancies.