PRINCE GEORGE’S COUNTY, MD. — Turnbridge Equities and Manekin LLC have received $275 million in debt and equity financing for the development of Phase I of the National Capital Business Park (NCBP) in Prince George’s County, a suburb immediately east of Washington, D.C. The project will consist of five Class A industrial buildings totaling 1.3 million square feet.
A fund managed by an affiliate of Apollo Global Management provided a $165 million construction loan. A joint venture of the Qatar Investment Authority and PCCP are providing roughly $110 million of equity.
The buildings will range in size from roughly 160,000 to 360,000 square feet across 94 acres. Four of the buildings will be constructed on a speculative basis. Ferguson Enterprises, a plumbing, fire suppression and HVAC provider, will occupy a 358,400-square-foot facility. All of the properties will feature solar panels on the rooftops.
At full build-out, NCBP will consist of up to 3.5 million square feet of Class A industrial space serving a variety of users, including distribution, logistics, light manufacturing, storage and cold storage. NCBP will also include an adjacent 20-acre park for the community and the onsite preservation of nearly 200 acres of stream valley and forest.
Sitework is underway and vertical construction is anticipated to begin this summer. The first deliveries are slated for early 2024. Jeff Ludwig of NAI Michael will handle leasing for Phase I.
John Alascio, TJ Sullivan, Meredith Donovan and Mitch Rothstein of Cushman & Wakefield represented the developers in the financing transactions. Jim Carpenter, Jon Carpenter, Graham Savage and Dawes Milchling of Cushman & Wakefield also advised the partnership.
Turnbridge Equities is a real estate investment and development firm headquartered in New York City with additional offices in Washington, D.C.; Los Angeles; Austin, Texas; and Miami. The company has invested or managed over $3.3 billion of capital across two managed funds and multiple co-investment vehicles.
Manekin is a privately held real estate development and investment company founded in Baltimore and now headquartered in Columbia, Md.
— Kristin Harlow