Newmark Brokers $12M Sale of Capitol Heights Industrial Facility
Newmark has arranged the $12.3 million sale of 8700 Ritchie Drive, a 103,000-square-foot industrial facility in Capitol Heights, MD.
Located in the Hampton Park submarket of Capitol Heights, the facility was built in 2000 and features 26-foot clear heights. The property is situated on a six-acre, fenced-in lot that offers ample parking as well as secure outdoor storage. At the time of sale, the property was 40% leased to tenant REW Materials. Brian Kruger of Newmark has been tapped as the exclusive leasing agent for the remaining vacant space at the facility.
Cris Abramson, Nick Signor, Ben McCarty and Lisa Benjamin of Newmark represented both the buyer, The Pinkard Group, and the undisclosed seller in the transaction. The Pinkard Group is a regional private real estate investment and development company.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.