Carlyle Group pays $9.7M for Landover site
(6/21/2012) The Carlyle Group LP has paid $7.9 million for an industrial site in Landover as part of a multimillion-dollar real estate fund aimed at buying and redeveloping properties across the country.
As the Business Journal reported May 11, Carlyle has teamed up with Baltimore's Chesapeake Real Estate Group LLC and Oakmont Industrial Group of Atlanta to launch a $30 million redevelopment of the site at 1811 Cabin Branch Drive.
Carlyle affiliate CRP DMT Landover LLC bought the property May 21 from MTC Logistics, which is consolidating several locations into a site closer to the Port of Baltimore. Carlyle and its partners plan to tear down a 250,000-square-foot warehouse at the site and build a new cross-dock distribution facility there that will be 100,000 square feet larger.
A Carlyle spokeswoman said the firm targeted the site because of its inside-the-beltway location, a lack of available land sites in the area, and lack of competing top-tier industrial sites available for lease.
Washington, D.C.-based Carlyle is making the investment as part of Carlyle Realty Partners VI LP, an opportunistic real estate fund through which it has raised roughly $2.25 billion, according to regulatory filings.
By Daniel J. Sernovitz
© 2012 American City Business Journals, Inc. and its licensors.
Link to the article: Carlyle Group pays $9.7M for Landover site
Source: Baltimore Business Journal