|An illustration of the Capital Distribution Center. [Ridge]|
Ridge, the industrial development arm of Transwestern Development Co., purchased the 11.3-acre site in December 2017 from Journal Newspapers for $9.5 million and is building a distribution facility on spec.
|The former Army Times building has been torn down.|
The building could house one or more tenants, but no more than four, Kros says. It’s designed for “last-mile delivery companies” where goods would be stored before being sent to suppliers or end users. Potential tenants could include e-commerce companies, such as Amazon or Wayfair, logistics companies, or providers of services such as HVAC.
“In the commercial real estate world, industrial been a very hot sector for the past two to four years,” Kros says. No similar project has been built within a 15-mile radius in the past 20 years, “giving this project a clear advantage over the rest of the market.” Its location near interstates 95 and 395 and the beltway is also a plus.
|Demolition started last month. [Bryan Woodcock]|
The rear-load facility will feature a 32-foot clearance height, 64 dock doors, 50 by 43-foot column spacing, 22 trailer parking spaces, 196 car parking spaces, and an “early suppression fast response” fire protection system. Principal Real Estate Investors is financing the project.