41st Street & Pennwood Portfolio

Highlights:

• 73% occupied
• Total of 105,400± SF in 12 buildings
• Excellent value-add opportunity
• Flexible leases that can be restructured to true triple net leases
• 3.5± acres of developable land
• Flexible prior zoning was ULI which allows for industrial use
• New zoning is NAC which allows for denser mixed-use development
• 12 drive-ins and covered loading dock
• One block off the highly trafficked Rhode Island Avenue (Route 1)
• One of very few big blocks of industrial space that close to DC

Description:

NAI Michael has been retained by ownership as the exclusive representative for the disposition of the 73% leased industrial portfolio in Brentwood, MD known as the 41st Street and Pennwood Portfolio. This portfolio consists of 12 industrial buildings totaling 105,400± SF on 3.5± acres of land.

The 41st Street and Pennwood Portfolio is very attractive due to its flexibility. It was previously zoned Urban Light Industrial (ULI), which allows for the existing industrial uses. In 2022, the block was rezoned to Neighborhood Activity Center (NAC), which now allows for more dense mixed-use development. The portfolio can still be used as industrial until 2032, then can continue being used as industrial via a non-conforming use permit.

• Located in a development corridor—Gateway Arts District Sector Plan. Property is surrounded by new development to the northeast in Hyattsville and
College Park, and to the southwest toward DC
• Quick access to Route 50 and the Capital Beltway (I-495/I-95)
• Close to major employers, including University of Maryland College Park
• Near amenities such as Busboys Poets, Franklins, Pizza Paradiso, The Shops at Dakota Crossing, etc.
• Close to neighborhoods such as Woodridge, Brookland, and Hyattsville

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