Developers Buy Northern Virginia Site For E-Commerce Opportunity Zone Project
Pinkard Group is using the opportunity zone program to finance a last-mile industrial project in Northern Virginia, five months after delivering a similar project in suburban Maryland.
The D.C.-based developer, in partnership with Normandy Opportunity Zone Fund LP, acquired an 8.2-acre site in Woodbridge, where it plans to build a 113K SF industrial project, Pinkard tells Bisnow. It declined to disclose the acquisition price.
The property, at 13600 and 13610 Dabney Road, sits just off Route 1 and less than 2 miles from I-95. It is about 15 miles outside the Beltway and 25 miles from the District.
Pinkard plans to demolish the vacant buildings currently on the site and build a 113K SF last-mile distribution and logistics facility. It aims to break ground next summer and deliver the project in mid-2023.
The project is located within the E-Commerce Overlay District, a new zoning district that Prince William County adopted last week to better facilitate the development of fulfillment and distribution centers.
Normandy Opportunity Zone Fund LP, a $250M opportunity zone fund that launched in 2019, is managed by Columbia Property Trust, which last year acquired Normandy Real Estate Partners. Columbia is now in the process of being acquired itself, as it reached a $2.2B deal last month to be bought by PIMCO.
The same opportunity zone fund also partnered with Pinkard on a 159K SF industrial project in Capitol Heights, Maryland, that delivered in May. The team leased 84K SF of the project to Peloton to distribute its connected fitness equipment. Pinkard sold the building in June for $37M, according to Prince George's County property records.
"We are excited to partner with the Columbia team again on another well-located, in-fill logistics and warehouse development," Pinkard Group principal Fred Underwood said in a statement. "We are equally excited to help breathe new life into a strategically-located industrial area of Prince William County."
