41st Street Portfolio

NAI Michael has been retained by ownership as the exclusive representative for the disposition of the 73% leased industrial portfolio in Brentwood, MD known as the 41st Street and Pennwood Portfolio. This portfolio consists of 12 industrial buildings totaling 105,400± SF on 3.5± acres of land. The project has sixteen tenants with seven of them being legacy tenants occupying space for over ten years plus. The previous zoning was urban light industrial (ULI) allowing industrial use. The new zoning is neighborhood activity center (NAC) which provides more leverage to develop low to moderate density mixed-use centers for citizens. These areas will be more attractive to employers and universities such as the University of Maryland College Park, and well connected to transit. The intersection of Rhode Island Avenue and Utah Ave has a daily traffic count of 19,652 per day—a well trafficked corridor. The property is income producing and has upside to the income. The current industrial use is valid by right for the next eight years. After 2032, a non-conforming use permit will be obtained to continue industrial use. All of the use and occupancy permits are in place and the properties have been well kept over the years by ownership. There are a total of 12 drive-ins around the block and a covered loading dock. This is one of the largest blocks of industrial product for sale along eastern avenue just outside of Washington, D.C. This opportunity can be acquired along with 4601 and 4609 Emerson St in Hyattsville. That is an additional 15,680 sf industrial building sitting on 47,162 square feet of land also zoned NAC. Please contact Omar S. McKeithan of NAI Michael to discuss further.