3901 Calverton Boulevard Beltsville, Maryland

Transcription

1 3901 Calverton Boulevard Beltsville, Maryland GHP Office Realty One West Red Oak Lane White Plains, New York Phone: Fax: ghpoffice.com

2 3901 CALVERTON BOULEVARD, BELTSVILLE, MD Location Map 3901 Calverton Blvd is located at the border of Prince George s and Montgomery Counties, near the I-95/Powder Mill Road interchange. Built in 1983, the property offers approximately 122,000 SF and a tremendous investment opportunity in one of Prince George County s most supply-constrained markets. The Property is currently 100% occupied by Verizon, yet has the flexibility of being either a multi-tenant or single-tenant office building. The Property s location at the I-95 interchange near I- 495 (Capital Beltway) facilitates vehicular access for area businesses and employees, and provides convenient access to a critical mass of the office, retail and industrial centers of Prince George s, Howard, Anne Arundel and Montgomery Counties in Maryland, as well as the District of Columbia (DC). The local market has experienced steady growth over the past several years which is predicted to continue in the near and mid-term. Vacancy rates have continued to fall through 2006 to a current rate of 11.3%. Two factors in the region will further constrain the availability of prime office space. The opening of the Inter County Connector (ICC) highway starting in 2009 is predicted to bring thousands of new office users to the market while the FDA s consolidation to its White Oak campus will further eliminate current market vacancy. With no new office construction planned in the Beltsville submarket, any expected positive net absorption of available space directly impact vacancy rates Calverton Blvd features large floor plates and is ideally suited for medium to large size office users that need large open office area with relatively few private offices. The efficiency of the floor plates, however, also lends itself well to multi-tenant layouts. The property is ideally situated close to the border of Montgomery County and Prince George s County, Maryland, and consequently boasts convenient vehicular access to both regions as well as to the District of Columbia via several major highways including the Capital Beltway (I-495), I-270 to the West, and I-95 to the East. The completion of Maryland s ICC beginning in 2009 will create and additional link to the region s economic and employment bases, and will create thousands of jobs as a result. The property is currently owner-occupied by Verizon Washington, DC Inc., which will continue to occupy the premises for three additional years, with the right to terminate after 18 months. INVESTMENT SUMMARY Total Square Feet ,645± SF # of Stories.. 4 Typical Floor plate... 30,000± SF Acreage ± Year completed Expected occupancy upon sale. 100% Lease Term years Parking Ratio spaces/1,000 SF

3 ADDRESS 3901 CALVERTON BOULEVARD, BELTSVILLE, MD LEASEBACK TERMS AND CONDITIONS 3901 Calverton Boulevard

4 Address 3901 CALVERTON BLVD, BELTSVILLE, MD Location The site is located on Calverton Blvd. at Beltsville Drive near the I-95 interchange with Powder Mill Road in Prince George s County in Maryland. The site is located close to Route 1 with access to both I-95 and the Capital Beltway. Site Layout Site forms an irregular shape on approximately 7.64 acres of land. Year Built 1983 Rentable Area 1 st Floor 30,510 SF 2 nd Floor 30,510 SF 3 rd Floor 30,510 SF 4 th Floor 31,115 SF Total SF 122,645 ± SF Acres 7.64± Parking # of Spaces 614 Ratio per RBA 3.25 space/1,000 SF Site Size Description/Shape Irregular Frontage 786 ft-southside of Calverton Blvd. Jurisdiction and Taxes The property is located in Prince George s County and subject to the taxing jurisdictions of the Prince George s County School District. Section: 4 Map: 012 Parcel: M Block: EE Grid: C3 Permitted Use: Commercial Office (C-O Zone) Possible alternative uses: None Building and Description Structural System Steel framed columns and concrete foundation. Roof Steel support frame over a metal deck, Overlaid with a membrane of tar & ballast Façade Brick and glass curtain walls Lobby One-story lobby featuring a Terrazzo floor. Walls & ceiling are painted drywall. Access from north and south side of building. Systems HVAC (Heating & Cooling) Package air conditioner with 3 ground mounted cooling towers and electric hot water heat pumps Elevators 3 passenger elevators for all floors Life Safety/Sprinklers Entire facility is wet sprinklered and has 2 emergency generators (with 3,000 gallon AST and 150 gallon day tank) Utilities/Services Utility/Service Provider Electricity Potomac Electric & Power Co. Gas N/A Water Washington Suburban Sanitary Commission Sewer Washington Suburban Sanitary Commission Telephone Verizon

5 AERIAL

6 MARKET HIGHLIGHTS The property is located in an established office park known as Calverton Office Park in Maryland s suburban market. The building is part of the Beltsville/Calverton submarket which consists of 28 buildings and about 1.7 million SF. The area is home to eight large office buildings as well as a shopping center, a full-service and extended-stay executive hotel, and a large residential neighborhood. The current vacancy rate in the Beltsville/Calverton submarket is 11.3%. This reflects a considerable decrease compared to the high of 18.9% in There are no projected new office buildings in the submarket, so the market s positive net absorption of available space is expected to continue to decrease vacancy rates. There are several critical demand drivers for the immediate vicinity that currently and in the future will favorably affect the Property s ability to drive rents. The General Services Administration and the Food and Drug Administration are currently working to consolidate the FDA at the government-owned site in White Oak, Maryland, just over 2 miles from 3901 Calverton Boulevard. The site will house over 30,000 employees. While some FDA contractors will be located on the White Oak campus, others will be forced to relocate from the White Oak facility into existing office space in the Calverton/Beltsville market. Another important demand driver will be the Maryland Inter County Connector (ICC), an 18- mile toll road from US-1 in Prince George s County to the East to I-270 in the West. The new road will link the high-tech I-270 Corridor in Montgomery County to the Washington- Baltimore/I-95 Corridor to the East. This link will be a boost to the region s high-tech employment opportunities throughout the ICC Corridor. An independent University of Maryland study determined that the Connector will generate between 14,000 and 17,000 new jobs in Prince George s and Montgomery Counties. In addition, the ICC will shorten commute times; improve freight access to and from Baltimore/Washington International (BWI) Airport, and will provide access to more affordable housing for thousands of employees-key for attracting and retaining businesses in the area. The project is fully funded and approved, and affords access to 3901 Calverton Boulevard via an on-road located amidst a rich and thriving amenity base, including a Fairfield Inn, Residence Inn by Marriott and several popular quick-serve and family-style restaurants, including Chipotle, Starbucks and Subway. We Own. We Manage. We Lease.

7 FLOOR PLANS/ 1 st FLOOR

8 FLOOR PLANS

9 FLOOR PLANS

10 FLOOR PLANS