CONSHOHOCKEN, PA -- Preferred Real Estate Investments, Inc. ("Preferred") has acquired the former Giant Foods Headquarters Campus at 6400 Sheriff Road in Landover, Md. Located inside the Beltway, within one mile of Washington, D.C., the newly named National Commerce Park will yield over 1.5 million square feet of industrial space and approximately 350,000 square feet of modern office space on over 100 acres.
National Commerce Park will provide a much-needed supply of industrial and office space into the booming Washington-Baltimore corridor, which has a vacancy rate of less than five percent. Preferred plans to pursue both leasing and sales opportunities with the site.
"This is a key acquisition for Preferred," said Michael G. O'Neill, CEO of Preferred. "We believe that this project will generate hundreds of millions of dollars in investment, bring jobs to the region and give rise to a major revitalization of the site."
In 1936, Giant Foods opened the first "supermarket" in Washington, D.C. The Landover site was built in 1955 to serve as the company's headquarters and distribution center.
About Preferred Real Estate Investments, Inc.
Preferred Real Estate Investments, Inc. ("Preferred"), is one of the largest privately held commercial and industrial real estate developers in the United States, controlling more than 12 million square feet of commercial real estate valued at well over $1 billion. Headquartered in suburban Philadelphia, with offices in New Jersey, Maryland and Massachusetts, Preferred has operations in 10 states and is an industry leader in the creative master planning and mixed-use redevelopment of large commercial sites that include historic renovations, ground-up construction, office, residential and retail development. For more information, please visit http://www.preferredrealestate.com/.
Source: Preferred Real Estate Investments, Inc.
CONTACT: Jonathan Morein, Tattar Richards-DBC, +1-215-957-0300, or cell,
+1-215-565-5377, or jmorein@dbcommunications.net, for Preferred Real Estate
Investments
Web site: http://www.preferredrealestate.com/
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