Skip to main content

Warehouse

Minnick Industrial Park

5200 Minnick Rd, Laurel, MD 20707

Listing Price: $12,500,000

Cap Rate
5.79%
Gross SF
81,134
Price/Gross SF
$154.07
Lot Size
6.73 acres
Year Built
1940
Rentable SF
81,134

Investment Overview

Marcus & Millichap is pleased to exclusively represent the ownership in the sale of 5200 & 5300 Minnick Road and 14610 Old Gunpowder Road, two adjacent parcels in Laurel, Maryland. This 6-building, 81,134 SF industrial park boasts heavy industrial zoning and has 97,843 SF of leased outdoor storage space. The 6.73-acre industrial park sits in Prince George’s County, directly on the border with Montgomery County. The property is centrally located between Baltimore and Washington, D.C. and provides very quick access to I-95, the Intercounty Connector and Route 29. Largely due to the constrained supply of land and central location, vacancy in the area is below 3% and rent growth is above 10% annually. Over the last 2 years most tenants have been transitioned from gross leases to NNN leases, although several remain to be done. As leases expire, a new owner should be able to significantly increase rents and charge additional rent for outdoor storage space. As an example, a tenant called Infinite Power currently pays $8.81/SF for 7,930 SF of building and receives with it 27,576 SF of outdoor storage space. With their lease ending in April 2022, a new owner should be able to lease the building for market rent and charge additional rent for the outdoor storage space. Similarly, the largest tenant is Maryland Collision Auto Body and their rent is $5.53/SF for the building, which is roughly half of todays market rent, and in 2017 they were given +/- 15,920 SF in newly cleared IOS space at no cost. Overall, the property is fully occupied with mostly long-term tenants and offers a new owner long-term rental upside as leases expire. With minimal vacancy in the area and no nearby new construction, a new owner should be able to transition the remaining gross leases to NNN, raise rents on multiple units and charge market rent for outdoor storage space.

Investment Highlights

  • 81,134 SF Industrial Park with Heavy Industrial Zoning
  • Low Lot Coverage with Substantial Leased Outdoor Storage
  • Many Tenants Have Rents Substantially Below Market
  • Opportunity to Transition Remaining Gross Leases to NNN
  • Centrally Located Near Major Transportation Routes
  • High Occupancy Industrial Market With Growing Rents

Exclusively Listed By

  • Bryn Merrey

    Senior Managing Director Investments

    (202) 536-3727

    Email Bryn

    License(s): MD: 646476, DC: BR98372978, FL: BK3079114, VA: 0225215804

    Washington, D.C.

  • John Faus

    Associate

    (202) 536-3718

    Email John

    License(s): MD: 5002763

    Washington, D.C.

Warehouse

Minnick Industrial Park

Listing Price: $12,500,000

Cap Rate
5.79%
Gross SF
81,134
Price/Gross SF
$154.07
Lot Size
6.73 acres
Year Built
1940
Rentable SF
81,134

Investment Highlights

  • 81,134 SF Industrial Park with Heavy Industrial Zoning
  • Low Lot Coverage with Substantial Leased Outdoor Storage
  • Many Tenants Have Rents Substantially Below Market
  • Opportunity to Transition Remaining Gross Leases to NNN
  • Centrally Located Near Major Transportation Routes
  • High Occupancy Industrial Market With Growing Rents

Investment Overview

Marcus & Millichap is pleased to exclusively represent the ownership in the sale of 5200 & 5300 Minnick Road and 14610 Old Gunpowder Road, two adjacent parcels in Laurel, Maryland. This 6-building, 81,134 SF industrial park boasts heavy industrial zoning and has 97,843 SF of leased outdoor storage space. The 6.73-acre industrial park sits in Prince George’s County, directly on the border with Montgomery County. The property is centrally located between Baltimore and Washington, D.C. and provides very quick access to I-95, the Intercounty Connector and Route 29. Largely due to the constrained supply of land and central location, vacancy in the area is below 3% and rent growth is above 10% annually. Over the last 2 years most tenants have been transitioned from gross leases to NNN leases, although several remain to be done. As leases expire, a new owner should be able to significantly increase rents and charge additional rent for outdoor storage space. As an example, a tenant called Infinite Power currently pays $8.81/SF for 7,930 SF of building and receives with it 27,576 SF of outdoor storage space. With their lease ending in April 2022, a new owner should be able to lease the building for market rent and charge additional rent for the outdoor storage space. Similarly, the largest tenant is Maryland Collision Auto Body and their rent is $5.53/SF for the building, which is roughly half of todays market rent, and in 2017 they were given +/- 15,920 SF in newly cleared IOS space at no cost. Overall, the property is fully occupied with mostly long-term tenants and offers a new owner long-term rental upside as leases expire. With minimal vacancy in the area and no nearby new construction, a new owner should be able to transition the remaining gross leases to NNN, raise rents on multiple units and charge market rent for outdoor storage space.

Exclusively Listed By

  • Bryn Merrey

    Senior Managing Director Investments

    (202) 536-3727

    Email Bryn

    License(s): MD: 646476, DC: BR98372978, FL: BK3079114, VA: 0225215804

    Washington, D.C.

  • John Faus

    Associate

    (202) 536-3718

    Email John

    License(s): MD: 5002763

    Washington, D.C.

MM Texture Background
MM Textured Background Lower