Qatar Investment Authority JV to develop industrial park near Washington, D.C.
A tri-party joint venture of PCCP, the Qatar Investment Authority, and a co-general partnership between Turnbridge Equities and Manekin has announced the development of National Capital Business Park, a 1.3 million-square-foot, five-building industrial park situated on 94 acres.
The project, which is located 20 miles east of Washington, D.C., is now under construction with deliveries anticipated in 2024.
“This is PCCP’s first transaction with both Turnbridge and Manekin, who are experienced firms that understand the dynamics of the local market,” said Ryan Dodge, managing director with PCCP. “We believe that National Capital Business Park will be an ideal last-mile distribution center situated on an infill development site of scale in the D.C. metro area, which is experiencing an industrial vacancy rate of around 3.5 percent.”