A joint venture between a Boston company and Columbia-based Manekin LLC has purchased a massive distribution center in Jessup with plans for an expansion.
MCA Assateague JV LLC, a joint venture between AEW Capital Management and Manekin, announced the purchase of the 730,000-square-foot property at the intersection of Route 1 and Route 75, in the booming Interstate 95 corridor between Baltimore and Washington D.C. The price was undisclosed.
“The size, location and logistical capacity are the elements of the property that make this investment a great opportunity. It is the absolute bull’s-eye between Baltimore and Washington D.C., and there is nothing like it in the market,” Owen Rouse, Manekin’s senior vice president, capital markets, said in a news release.
The new ownership plans to expand the existing building by 120,000 square feet and speculatively develop a 160,000-square-foot industrial building on the site. After the expansion and new construction are complete the site will still be able to accommodate 400 trailer parking spaces.
The property primarily served as a dry-goods warehouse for Giant Food until 2013 when it became surplus property. It was acquired by the seller Madison-SP Assateague LLC.