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At closing, the venture will acquire an initial portfolio of assets of approximately 6.9 million square feet of operating properties and 371 acres of land from Prologis' balance sheet with a commitment to build out the existing land bank.
The 50,978-square-foot building— DEA - Upper Marlboro—is a modern, Class A laboratory 100% leased to the GSA and occupied by the DEA, which serves as the DEA's Mid-Atlantic regional laboratory.
During the period in which PointOne Holdings owned and operated the property, occupancy increased from 90 to 99% and average effective rents increased by 22%, from $747 to $912 per unit per month.
Among the stores targeted for shut down include two locations in Manhattan at 2008 Broadway on the Upper West Side and 635-641 6th Ave. in Chelsea. According to the two stores' respective website, both locations have already been permanently closed.
Originally established in 1974, the property served as a hub of community activity and premier tourism destination for 30 years before being irreparably damaged by Hurricane Ivan.