At a glance
- The six buildings, built in 1985 and 1986 on a 31-acre site, are 96% leased to 24 tenants across technology, distribution, light manufacturing and service sectors.
- For allocators, the open underwriting questions are the undisclosed loan terms and the durability of a 24-tenant rent roll and capital spending at a 1985-86 property.
- The Route 1 corridor location puts Interstates 95 and 495 within five minutes, with downtown Washington 34 minutes away and downtown Baltimore 36, according to the report.
Adler Real Estate Partners secured $37 million in acquisition financing for Ammendale Technology Park, a 275,270-square-foot shallow-bay light industrial portfolio in Beltsville, Md., IREI reported Oct. 26.
The six buildings, built in 1985 and 1986 on a 31-acre site, are 96% leased to 24 tenants across technology, distribution, light manufacturing and service sectors. Five of the six buildings have 20-foot clear heights, with 42 dock-high and 10 grade-level loading positions. Suites run from 3,500 to 36,000 square feet.
For allocators, the open underwriting questions are the undisclosed loan terms and the durability of a 24-tenant rent roll and capital spending at a 1985-86 property. The report does not name the lender, the loan term, the rate or the loan-to-cost ratio. The $37 million financing works out to about $134 per square foot of building area.
The Route 1 corridor location puts Interstates 95 and 495 within five minutes, with downtown Washington 34 minutes away and downtown Baltimore 36, according to the report. Adler is a Miami-based asset manager specializing in multitenant light industrial property.
Reported by the Real estate debt desk from IREI. Published . Corrections