MacKenzie Commercial Real Estate brokered a full-building lease with Pye-Barker Fire & Safety at 4001-4011 Penn Belt Place, and subsequently procured the buyer in the $6.7 million acquisition of the 33,594 square foot single-story flex/industrial building, located in the Forestville section of Prince George’s County, Maryland. MacKenzie’s Oliver Fryer, Bryan Herr, and Adam Nachlas represented both the seller, the Penn Belt Place, LLC, and the buyer, Catalyst Investment Partners, in this sale transaction.
According to MacKenzie Commercial Real Estate Services, there was a lag in leasing activity for Class ‘B’ industrial building positioned inside the Capital Beltway during the first half of this year, with vacancy levels in the Prince George’s County submarket approaching 10%. The broader trend has seen a flight to quality in recently-delivered Class ‘A” industrial buildings.
The locally-based family ownership of 4001 Penn Belt Place solicited advice from the Prince George’s County-focused Mackenzie Commercial Real Estate Services team to maximize the building’s value and sell the property. This started with the execution of a full-building lease renewal with Pye-Barker Fire & Safety, a nationwide fire protection and life safety service provider, which also operates a location in Annapolis, Maryland.
Next, MacKenzie identified Catalyst Investment Partners, a New York-based company which focuses on the acquisition of IOS properties in high-barrier-to-entry urban infill markets, as a potential buyer. During negotiations, MacKenzie advised the family on the ideal timing of the sales transaction, considering various retirement, tax, and asset-consolidation scenarios.
“Factors which differentiated this asset from others in the market included full drive-thru capability for vehicles and equipment to enter one side of the building and exit the other,” Fryer stated. “The building was also fully sprinklered which, for this style and vintage construction, is rare with about 70 percent of existing industrial supply being built pre-ecommerce. The site was attractive to the tenant and buyer based on its prime location, highly-specialized facility, and availability of a skilled workforce to handle complicated assignments.”
“Our team handled several moving pieces, underscoring capabilities beyond a standard sale. The orchestration resulted in a win for all parties to the transaction,” Fryer added.
MacKenzie Commercial Real Estate Services is the real estate brokerage arm of The MacKenzie Companies, which operates five full-service divisions addressing all real estate asset classes including MacKenzie Management Company, MacKenzie Contracting Company, MacKenzie Capital, MacKenzie Investment Group and MacKenzie Multifamily Management. The company provides customized real estate solutions for institutional owners, investors, private companies, and individuals. For additional information, visit www.mackenziecommercial.com.