New City Logistics — Sale in Washington, DC

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Commercial Land
  • Location: Washington, DC 20002

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Description

Jones Lang LaSalle Americas, Inc. ("JLL"), as an exclusive representative for the Owner, is pleased to present the offering of New City Logistics (the “Site” or the “Opportunity”), a prime 181,090-square-foot industrial development opportunity in the heart of Washington, DC. The Site is currently zoned MU-5B (Mixed-Use),and has received preliminary approval for rezoning to Production, Distribution & Repair (PDR-1) to permit industrial use, and will be officially rezoned prior to sale. New City Logistics is an extremely rare opportunity to develop one of the District of Columbia's only Class A distribution buildings. The Site is directly adjacent to the Route 50 and Route 1 intersection, and less than 15 minutes from I-295 and I-395, offering convenient access to Washington, DC's surrounding markets. New City Logistics benefits from exceptional proximity to some of the nation's most sought-after demographics including spending power, population growth, educational attainment, and home value. The Site also has proximity to 3 major airports (Dulles International, Reagan National, and Baltimore-Washington International) and the Port of Baltimore. The DC Metro MSA's inventory is comprised of over 220 million square feet of warehouse space. Since 2020, the market has exhibited strong demand, posting over 29.4 million square feet of positive net absorption. NNN rental rates have increased by 52.9% since 2020 due to a lack of cost-effective, infill development sites in the top submarkets. Located within the borders of Washington, DC, New City Logistics has a superior infill position to nearly all other developments in the broader region.

Market Context

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