The Pinkard Group is doubling down on the booming industrial market in Prince George’s County, acquiring a property near a new warehouse it is developing.
The D.C.-based firm announced Thursday it acquired the industrial building at 8700 Ritchie Drive in Capitol Heights, in partnership with Principal Real Estate Investors, for $12.3M.
The sale of the 103K SF property pencils out to $119 per SF. United Bank provided financing for the acquisition. The seller was Hampton Heights One LLC, a Wheaton, Maryland-based entity, property records show.
The property, built in 1999, last sold in 2000 for $4.8M, property records show. The building is 40% leased to building supplier Rew Materials.
Click here to read the rest of the article written by Jon Banister over at Bis Now
