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Willco Companies And Partners Acquire 50,000 SF Retail
May 6, 2010
In one of the Washington Metropolitan Area’s largest industrial portfolio acquisitions this year, a partnership led by Willco Companies of Potomac, MD has acquired approximately 285,000 square feet of flex-industrial space at Montgomery County Airpark in Gaithersburg, MD for $30 million. The sellers, Zarpas 1 through 5 Limited Partnerships, were represented by the Washington, DC office of Jones Lang LaSalle. BB&T Bank provided financing for the acquisition.
The portfolio consists of eight flex-industrial buildings with over 60 tenants, located in the Washington region’s fourth largest industrial park. Montgomery County Airpark is situated at the doorstep of the newly completed Montgomery County Intercounty Connector, providing enhanced access to major transportation and business centers across the region. The property will be re-branded as Willco Business Center at Montgomery County Airpark.
Commented Willco Companies’ Chief Operating Officer Jason Goldblatt: “This purchase was a value-add acquisition for Willco and our partners. The strategy includes purchasing an under-performing flex industrial portfolio and growing occupancy and rents as we stabilize the assets while reducing operating expenses and creating operational efficiencies.” Willco already holds a portfolio of more than two million square feet of flex/industrial assets in the Washington, DC Metropolitan Area, and plans to add additional small-bay, service-oriented flex/industrial product to its portfolio in 2012. “This portfolio is part of dwindling supply of industrial-zoned land on the I-270 corridor, and is uniquely situated at the gateway to the Airpark with direct access to the recently