Transwestern Real Estate Services announces it has negotiated a 10-year, 83,753-square-foot lease for Goodwill of Greater Washington at 95 East Distribution Center. The tenant will occupy 73% of the Class A, 113,490-square-foot industrial building under construction at 13600 Dabney Road in Woodbridge, Virginia. Transwestern’s Caulley Deringer, Steve Cloud and Andrew Hassett represented the landlord, a joint venture between Cannon Hill Capital Partners and The Pinkard Group, in the pre-lease transaction.
Cannon Hill Capital Partners and The Pinkard Group acquired the site in 2021, demolished the existing vacant, obsolete warehouses, and developed the last-mile distribution facility with approximately 40% more square feet than the original zoning allowed, capitalizing on the E-Commerce Overlay designation adopted by the Prince Will County Board of Supervisors in September 2021.
Goodwill is consolidating its Alexandria, Virginia and Forestville, Maryland facilities into 95 East Distribution Center, which it will use for warehousing, sorting and redistribution of goods and household items to multiple stores throughout Washington.
“As one of the largest leases in Northern Virginia’s 95 Corridor in years, this transaction speaks to the quality of this strategically located development in meeting the demands of today’s tenants and is a testament to the continued strength of the region’s industrial market,” said Deringer, an Executive Vice President at Transwestern.
Scheduled for delivery in September 2023, 95 East Distribution Center is the first industrial building developed in eastern Prince William County in over a decade. The property encompasses 8.3 acres and features state-of-the-art construction, expansive loading courts, a 32-foot clear height and outdoor truck and storage areas. The site is immediately accessible to Interstate 95 and Northern Virginia, with abundant surrounding amenities.
“This pre-lease transaction demonstrates the success of our investment thesis to develop high-quality, last-mile industrial facilities given increasing tenant demand amid solid submarket fundamentals,” commented Eric Rubin, Chief Investment Officer for Cannon Hill Capital Partners.
“We are pleased to announce another successful industrial pre-lease in partnership with Cannon Hill Partners, representing our continued strong track record of execution with respect to large in-fill industrial development projects in the Washington region,” stated Fred Underwood, Principal at The Pinkard Group.
H&R Retail’s Austin Hersh and Brad Buslik represented the tenant in the transaction.
Images of the property are available for download here.
About Cannon Hill Capital Partners
Cannon Hill Capital Partners, LLC is a vertically-integrated real estate operator, developer and investment manager pursuing growth through a value-added investment strategy primarily focused on repositioning and developing best-in-class office, multifamily, industrial and life sciences properties in the Northeast and Mid-Atlantic U.S. The company is a Registered Investment Advisor headquartered in New York City with offices in Washington, D.C., Boston, MA and New Jersey. Its portfolio under management includes 33 properties aggregating approximately 9 million square feet. For more information, please visit www.cannonhillcap.com
About The Pinkard Group
The Pinkard Group is a regional private real estate investment and development company that operates across the spectrum of property types in the Greater Washington DC Metropolitan area. Recognizing the need for global real estate investors to have trusted local partners, the firm was founded in 2010 and offers a platform noted for deep market knowledge, extensive relationships and a thorough understanding of real estate at the property level. The Pinkard Group is currently investing Pinkard Fund III, the third in its series of commingled discretionary real estate funds focused on investment opportunities across the Washington DC area. For more information visit www.pinkardgroup.com.
About Transwestern Real Estate Services
Transwestern Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Tenant Advisory + Workplace Solutions, Capital Markets, and Research & Investment Analytics.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. Through an integrated, customized approach that begins with good ideas, the firm drives value for clients across commercial real estate services, development, investment management, and opportunistic endeavors for high-net-worth investors. Operating from 33 U.S. offices, Transwestern extends its platform capabilities globally through strategic alliance partners whose unique geographic, cultural, and business expertise fuels creative solutions. Learn more at transwestern.com and @Transwestern.
