|Address:||8900 Edgeworth Drive
Capitol Heights, Maryland
|Suite Sizes:||1,500 sf (approximately)|
|Building Size:||32,000 sf|
|All units have been SOLD|
8900 Edgeworth Drive is a 32,000 sf two level, over/under industrial building located in Capitol Heights, MD. Edgeworth Drive is on 1.39 acres and is approximately 1 mile to I495/I95
The project consists of 22 office/warehouse units, each containing approximately 1500 sf. Every unit is separately metered for electric and contains an individual HVAC unit, restroom, and drive-in or dock high door.
We acquired this asset in June 2004 with a strategy to convert the project to warehouse condos. The plan included updating the asset with a new roof, landscaping, signage, adding a top coat to the parking lot, and replacing all of the older split-system HVAC units. The goal was to complete these improvements, create a condominium regime, and begin selling units by year-end 2004.
We accomplished all of these goals and closed on 4 condo units by December 31, 2004. All of units were sold within 27 months. The achieved Internal Rate of Return was 66%.