1788 Holdings Acquires 103K-SF Capitol Heights Industrial Property for $15M

An investment affiliate of 1788 Holdings, LLC has acquired 51 Ritchie Road, a single-story light industrial building totaling nearly 103,000 square feet of space in the Capitol Heights section of Prince George’s County, Maryland, for $15 million.

Situated on nearly eight acres, the site includes two acres of industrial outside storage land and is 100 percent leased and occupied by Bay Crane Mid-Atlantic. CBRE’s Matt Laraway and Luke Wilson represented the seller. 1788 Holdings, a privately-owned real estate investment firm that owns and manages a national commercial real estate portfolio spanning 13 states with a market value exceeding $250 million, was self-represented.

Bay Crane Mid-Atlantic was formed after Bay Crane Companies’ 2024 acquisition of United Crane & Rigging and Crane Rental Company, resulting in one of the largest crane companies operating in the Mid-Atlantic region. Delivered in the mid-1950s and renovated in the mid-1970s and in 1997, 51 Ritchie Road is equipped with 18- to 22-foot clear ceiling heights, 11 drive-in doors, and three dock doors, and is surrounded by a considerable amount of paved surface lot.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.

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