MRP Industrial Signs La-Z-Boy To 220,800 SF Full-building Lease At Collington Park In Prince George’s County, Maryland

4/17/18

Long-term lease with national furniture manufacturer transfers distribution and logistics operation from Anne Arundel County to Prince George’s County

MRP Industrial, a full-service, privately-held commercial real estate development and investment company headquartered in Baltimore, Maryland, has signed La-Z-Boy to a 220,800 square foot full-building lease at 16101 Queen’s Court within the Collington Park business community, located in the Bowie section of Prince George’s County. The national furniture manufacturer intends to transfer its distribution and logistics operation, currently locatedin the Odenton area of Anne Arundel County to the new facility by fall 2018. The property is owned by MRP Industrial and AEW, on behalf of AEW Partners VII, L.P., the seventh in AEW’s opportunistic fund series.

“Major national companies continue to recognize the significant economic and logistics benefits to establish or expand large-scale industrial and warehouse requirements within Prince George’s County, and this long-term lease demonstrates the latest example of this ongoing trend,” explained D. Reid Townsend, Co-Founder and Principal of MRP Industrial. “La-Z-Boy conducted a multi-county search and their real estate decision reflects the modern transportation network, high-quality labor force and overall business-friendly environment that exists in Prince George’s County. Our location is a strategic fit with La-Z-Boy’s current distribution pattern in and around the Mid-Atlantic region, given the placement of their stores, their customers and the dealers who sell their merchandise.”

Considered among the world’s largest residential furniture producers, La-Z-Boy manufacturers and sells a full line of products for the living and family room, including recliners; sofas and love seats; sleep sofas; modular furniture and leather upholstery furnishings. The company currently operates five manufacturing plants and six regional distribution centers throughout the country to service its more than 350 stores and network of 2,400 dealers. The Bowie location will contain manufacturing, delivery, and repair services and integrate the company’s philosophy of offering “final-mile, white-glove delivery” to consumers.The facility will also offer customers the option to pick-up furniture purchases instead of receiving the delivery of goods.

Situated on a nearly 13-acre site, 16101 Queen’s Court is equipped with 32 foot clear ceiling heights, 40 dock doors, two overhead drive-in doors, a 185 foot truck court and seven inch unreinforced concrete flooring. The project was built utilizing concrete tilt-wall panel construction methods.

The building is situated within the 3.2 million square foot Collington Trade Center. The project provides roadside frontage, visibility and access to MD Route 301, which is considered the primary north/south corridor in Prince George’s County and east of the Capital Beltway. It is also within close proximity to MD Route 50 and Interstates 495 (Capital Beltway), 97 and 95.

A 175,000 square foot FedEx Ground package and sorting facility is located within the business community.Future projects to be developed by MRP Industrial include a 90,000 square foot flex/R&D building and a 25,000 square foot single-story commercial building.

Lisa Goodwin, Senior Vice President of MRP Industrial and Lance Schwarz of NAI Michael represented the landlord, and Rob Tamillo, Zak Mirkowski, Todd Hughes and Greg Ferraro of JLL represented the tenant in this leasing transaction.

Founded in 2013, MRP Industrial focuses on strategic investments in core industrial markets and high growth submarkets across the northeastern section of the United States. The company specializes in the acquisition, development, financing and leasing of industrial real estate. MRP Industrial’s institutional capital partners and corporate clients are provided with a full array of real estate development options, including build-to-suit development, fee development services, speculative investment and value-add acquisitions. MRP industrial is considered among the most active developers within its target submarkets, having developed thirty buildings comprising nearly ten million square feet of space. The company also currently maintains a future development pipeline valued at approximately $350 million. Visit www.mrpindustrial.com.

Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide. One of the world’s leading real estate investment advisors, AEW and its affiliates manage $70.3 billion of property and securities in North America, Europe and Asia (as of December 31, 2017). Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, London, Paris, Düsseldorf, Hong Kong, Singapore, and Sydney, as well as additional offices in eight European cities. For more information please visit www.aew.com.

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