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Manhattan-Based Investor Time Equities, Inc. Purchases Beltsville Building; Taps EDGE to Reposition and Manage Listing

Today Time Equities, Inc., a private Manhattan-based investor, and EDGE Commercial Real Estate announced a strategic partnership to reposition 12101 Indian Creek Court in Beltsville. The building will be renamed the “ICC Business Center” and provides easy transportation access not only to the Intercounty Connector, but also Route 1 and Interstate 95. The building is built to approximately 90 percent office, but will be repositioned to meet the needs of a wider variety of flex and warehouse occupiers.

“Time Equities approached us to help them gain better insight into the unfamiliar industrial/flex landscape in Beltsville, Northern Prince George’s County and the Suburban Maryland region. We knew this was a great opportunity for Time Equities to bring something unique to a submarket that, until very recently, only offered one kind of space — all with similar limitations,” said Joshua Katz, Vice President, EDGE Commercial Real Estate. “The renovated ICC Business Center will allow tenants across multiple industries to occupy a truly flexible space with modern efficiencies and with outstanding access to the entire Washington-Baltimore region,”

Time Equities purchased the building in December 2014 and is working with Falls Church-based architecture firm MGMA to prepare for the renovations, which are slated to start in the Spring. The work will include removing about half of the 16,000 square foot office mezzanine, retrofitting the first floor offices to 24’ clear warehouse that is more easily divisible for the typical Beltsville tenant, adding loading positions and improving access for trucks. The 24’ ceiling height and deep truck court are features not often found in Beltsville. The EDGE team expects this will draw attention from occupiers in nearby submarkets and from the I-270 Corridor, where modern warehouse space is always in short supply and considerably more expensive. “For Rockville and Gaithersburg area companies, having access to employees and customers has always required paying the premium for functionally-obsolete space to avoid the crippling congestion that plagues the region. The ICC instantly opens the 95 Corridor as a more cost-effective and functional solution,” said Ken Fellows, a Senior Partner and the Regional Manager for EDGE’s Maryland office.

“We have worked with Josh previously and knew he and the team at EDGE would have the experience to guide us in this new venture, and to be creative and invested in helping us be successful,” said Brad Gordon, Asset Manager for Time Equities industrial portfolio. “EDGE has a strong grasp on what makes the market tick. We look forward to working with them, and to a prosperous partnership.”

There will be approximately 55,230 square feet of office and warehouse space available for new tenants.

ABOUT EDGE COMMERCIAL REAL ESTATE
EDGE Commercial Real Estate is a locally-owned commercial real estate advisory, management and investment company. The firm’s entrepreneurial approach and dedication to its clients and partners has enabled EDGE to deliver superior results throughout the Washington Metro area. The EDGE executive team possesses nearly 180 years of combined commercial real estate experience and a proven track record, including many of the region’s most noteworthy transactions. Currently, the firm leases and manages more than 8.4 million square feet of commercial and industrial brokerage and property management assignments in Virginia, Maryland and the District of Columbia. For more information, visit www.edgecre.com.

Posted in Edge CRE