April 30, 2018
Springfield, VA – Ridge, the industrial development arm of Transwestern Development Co., and its partner, Principal Real Estate Investors, today announce the acquisition of
11.32 acres at 6885 Commercial Drive in Springfield, Virginia. The site, which currently houses the former printing facility for the Army Times, will be a 190,377-square-foot distribution facility at completion in first quarter 2019.
“We are excited to offer the market a high-quality product to meet the increasing demand for Class A space located inside the Capital Beltway,” said Steve Kros, Executive Vice President at Ridge. “Due to land constraints, no comparable new product has been built within a 15-mile radius of Capital Distribution Center in the last 20 years, giving this project a clear advantage over the rest of the market.”
The site is situated near the intersection of Interstates 95, 395 and 495, providing convenient access to the entire region. The rear-load facility will feature a 32-foot clear height, 64 dock doors, 50-foot-by-43-foot column spacing, 22 trailer parking spaces, 196 car parking space and ESFR fire suppression.
Transwestern Executive Vice Presidents Steve Cloud and Caulley Deringer are leasing the property.
“Absorption has outpaced construction completions for the last six years, and quality space for large industrial users has become extremely scarce inside the Beltway,” said Cloud. “Capital Distribution Center is well-suited for single or multitenant use as small as 37,000 square feet.”
Ridge, the industrial arm of Transwestern Development Co., is a leading provider of corporate real estate development and investment in state-of-the-art warehouse, distribution and manufacturing facilities throughout North America. Ridge’s principals have been involved in the development, construction, ownership and management of more than 125 million square feet of institutional-quality real estate and have an average 25 years of experience in the real estate industry. Ridge is based in Chicago, with regional offices across the U.S. in Atlanta, Dallas, Los Angeles, Houston and Harrisburg, Pennsylvania.
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Tenant Advisory, Capital Markets, Asset Services and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 35 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern.
ABOUT PRINCIPAL REAL ESTATE INVESTORS
Principal Real Estate Investors manages or sub-advises $75.9 billion in commercial real estate assets*. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
*As of 31 December 2017