WASHINGTON DC – Transwestern Real Estate Services has brokered the sale of the last mile warehouse, Steeplechase Building H in Washington DC.
Fundrise purchased the 19,973-square-foot property from Atapco Properties.
Representing the seller was the Transwestern team of senior managing director, Mark Glagola, EVP, Gerry Trainor and director, Thomas Hilley.
"This is a trophy sorting center at a very strategic location," said Glagola. "The tenancy and building design made this a very unique opportunity and a great example of the future product of e-commerce."
The building is currently 100% leased to a long-term, high-credit tenant.
Situated at 9300 Alaking Court, the property is located within the 110-acre, Steeplechase 95 international business park, in Capital Heights, MD. Positioned off of Exit 13 on the Capital Beltway, the mixed-use park comprises one million square feet of industrial and retail space.
The Steeplechase 95 park is occupied by tenants such as Restaurant Depot, Johnson Controls, HD Supply, the federal government, Rexel, Dewalt and Service Source.
"We were fortunate to be in a position to be able to close at a time when most other deals were falling through. Working with such an experienced broker team was key in making sure it got done," said Brandon Jenkins, COO of Fundrise. "Ultimately, we are believers in the long-term growth potential of well-located, last-mile type assets and this property is a great example of that."
"This project showcases Atapco's ability to serve tenant needs in an evolving logistics environment," said Armin Groeschel, VP of development for Atapco. "We continuously strive to provide long-term value for our investors."
Steeplechase Building H in Capital Heights, MD.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
