$500M Industrial Project Underway in Metro DC

NCBP’s first five buildings will come online early next year. Image courtesy of PCCP LLC

Turnbridge Equities and Manekin, together with PCCP LLC and Qatar Investment Authority, have commenced construction on the first phase of National Capital Business Park in Bowie, Md., totaling some 1.3 million square feet. At full build-out, National Capital Business Park will encompass 3.5 million square feet of Class A industrial space.

The development team also includes Powers Brown Architecture, ARCO Design/Build, Bohler Engineering, Kimley-Horn and Geo-Technology Associates Inc., among others. Completion of Phase I is expected in early 2024.

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The $500 million project marks PCCP’s first collaboration with Manekin and Turnbridge, Managing Director Ryan Dodge said in prepared statements. He also noted that National Capital Business Park will become a sought-after last-mile distribution hub in the Washington, D.C., metro, currently experiencing a 3.5 percent industrial vacancy rate. The campus was designed to meet the needs of manufacturing, data centers, cold storage, last-mile and regional distribution users.

A large-scale project

Turnbridge and Manekin acquired the 442-acre development site in Prince George’s County in December 2020. Three years later, in June 2023, the developers obtained $275 million in debt and joint venture equity for the project’s Phase I: A fund managed by Apollo Global Management provided a $165 million construction loan while PCCP and Qatar Investment Authority entered the partnership with $110 million in equity.

Taking shape on a 94-acre lot at the northwestern corner of Leeland Road and Prince Georges Boulevard, NCBP Phase I will comprise four speculative buildings ranging from 160,000 to 310,000 square feet, together with a build-to-suit, 358,400-square-foot facility for Ferguson Enterprises.

Each building will have 36-foot clear heights and solar panels on their rooftops. The property will feature ample parking across a combined 300 trailer spaces and 1,200 car spaces. NAI Michael Senior Vice President Jeffrey Ludwig, together with Vice Presidents Sally and Jeffrey D. K. Ludwig, are the appointed leasing brokers.

Serving the entire Eastern Coast

The site is 10 miles from Washington, D.C., 30 miles from Baltimore, Md., and adjacent to Collington Trade Zone, a distribution hub that is home to Amazon, FedEx and Target, among others. The development’s location will allow future tenants to serve the entire East Coast through the I-95 distribution corridor, that will offer connection to the Ports of Baltimore, Philadelphia and New York in the North, and to Richmond, Va., and the southeastern states in the South.

This is not the only large-scale industrial project PCCP is involved in. In July, the company partnered with Woodmont Industrial Partners and Butters Construction & Development for the construction of a 6.5 million-square-foot industrial campus where more than 70 companies are located, in Jupiter, Fla. The 303,364,-square-foot first facility will be delivered in 2024.