Ferguson Enterprises Leases to Nation’s Capital Business Park – Business Observer for $1 Billion
Joint venture owners Manekin and Turnbridge Equities signed a 358,400 square foot lease with plumbing distributor Ferguson Enterprises at National Capital Business Park, currently located in Upper Marlboro, Maryland. A warehouse and distribution campus is under construction, the owners announced.
The 13-building, $1 billion campus is expected to include approximately 5.5 million square feet of warehousing, distribution and light manufacturing space. The first phase of the project is expected to be completed by mid-2023.
The joint venture acquired the 442-acre property in Prince George’s County in January 2021 for $20 million.
Located just five miles from the Capital Beltway in Washington, DC, the property is one of the few large tracts of undeveloped land that can accommodate industrial development.
When completed, the site will include buildings between 50,000 square feet and 1 million square feet, designed to meet last mile distribution standards, including modern logistics and expanded parking for employees, a truck lot of 175 feet and many trailer drops.
The Ferguson Enterprises site will be the company’s 11th warehouse in the United States and will be used to provide next-day delivery to stores and customers within a 100-mile radius of the DC area, according to the company.
The warehouse will have 36 foot high ceilings, 56 truck doors and three acres of outdoor storage space.
The landlord was represented in the lease by NAI Michael, while the tenant was represented by CBRE.
Requests for comment from the tenant and landlord were not immediately returned.
Keith Lauria can be reached at [email protected] A.
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