Manekin, Turnbridge land $275M for development of National Capital Business Park

Turnbridge Equities, a vertically integrated real estate investment and development firm, Friday announced it and its co-development partner, Baltimore-based real estate development firm Manekin LLC, completed the capitalization of Phase I of the National Capital Business Park (“NCBP”) in Upper Marlboro.

The transaction included approximately $275 million of construction financing and joint venture equity for the recapitalization and development of Phase I of NCBP, consisting of five Class A industrial warehouse buildings totaling 1.3 million square feet. The $165 million construction loan was provided by a fund managed by an affiliate of Apollo Global Management and a joint venture of the Qatar Investment Authority (QIA) and PCCP, LLC are partnering with Turnbridge and Manekin to provide approximately $110 million of equity to the project.

Phase I of National Capital Business Park consists of five Class A industrial warehouse buildings that will range in size from approximately 160,000 square feet to 360,000 square feet across 94 acres. The NCBP provides businesses with access to the third largest and most affluent combined statistical area in the United States with approximately 10 million residents, a major seaport, the distribution corridors of Interstates 95, 70, 83, 81 and Routes 50/301 as well as adjacency to the Capital Beltway.

Additionally, Phase I of NCBP includes four speculative buildings ranging in size from 160,000 square feet to 310,000 square feet, each with at least 1/1,000 auto parking, one dock door per approximately 5,000 square feet of warehouse space, and at least one trailer drop per dock door with 180-foot to 190-foot truck courts. All the buildings at NCBP are designed with solar panels on their rooftops, which will generate approximately 11.3 MW of electricity, enough to power over 1,100 homes with clean energy, at the completion of Phase I.

At full build-out, NCBP will include up to 3.5 million square feet of Class A industrial space serving an abundance of users, including distribution, logistics, light manufacturing, and storage and cold storage. NCBP will also include the development of an adjacent 20-acre multi-purpose park for the community and the on-site preservation of nearly 200 acres of stream valley and forest.

Sitework is underway and vertical construction on Phase I begins this summer, with deliveries in early 2024.