The 103,000-square-foot building includes two acres of outdoor storage and is occupied by one of the Mid-Atlantic's largest crane operators.
The answer · checked against Connect CRE
What industrial property did 1788 Holdings acquire in Capitol Heights and for how much?
An investment affiliate of 1788 Holdings, LLC acquired 51 Ritchie Road, a 103,000-square-foot single-story light industrial building in Capitol Heights, Prince George's County, Maryland, for $15 million. The property sits on nearly eight acres, includes two acres of industrial outside storage land, and is 100 percent leased and occupied by Bay Crane Mid-Atlantic, described as one of the largest crane companies operating in the Mid-Atlantic region.
Key facts
- An investment affiliate of 1788 Holdings, LLC paid $15 million for 51 Ritchie Road, a single-story light industrial building totaling nearly 103,000 square feet in the Capitol Heights section of Prince George's County, Maryland.
- The site at 51 Ritchie Road sits on nearly eight acres and includes two acres of industrial outside storage land.
- 51 Ritchie Road is 100 percent leased and occupied by Bay Crane Mid-Atlantic at the time of acquisition.
- Bay Crane Mid-Atlantic was formed after Bay Crane Companies' 2024 acquisition of United Crane & Rigging and Crane Rental Company, resulting in one of the largest crane companies operating in the Mid-Atlantic region.
- CBRE's Matt Laraway and Luke Wilson represented the seller; 1788 Holdings was self-represented.
- 1788 Holdings owns and manages a national commercial real estate portfolio spanning 13 states with a market value exceeding $250 million, according to the company.
An investment affiliate of 1788 Holdings acquired 51 Ritchie Road, a 103,000-square-foot light industrial building in Capitol Heights, Maryland, for $15 million. The property sits on nearly eight acres in the Capitol Heights section of Prince George's County.
The site includes two acres of industrial outside storage land. It is 100 percent leased and occupied by Bay Crane Mid-Atlantic. Matt Laraway and Luke Wilson of CBRE represented the seller. 1788 Holdings was self-represented.
1788 Holdings is a privately-owned real estate investment firm that owns and manages a national commercial real estate portfolio spanning 13 states with a market value exceeding $250 million, according to the firm.
Bay Crane Mid-Atlantic was formed after Bay Crane Companies' 2024 acquisition of United Crane & Rigging and Crane Rental Company. The combination resulted in one of the largest crane companies operating in the Mid-Atlantic region.
The property was delivered in the mid-1950s and renovated in the mid-1970s and again in 1997. It is equipped with 18- to 22-foot clear ceiling heights, 11 drive-in doors, and three dock doors. The building is surrounded by a considerable amount of paved surface lot.
The Deployment Angle
Family Office Real Estate Daily Desk · our analysis, not the source's
The purchase price implies a per-square-foot basis of roughly $146. That basis is elevated for a building delivered in the 1950s, which signals that the buyer underwrote the outdoor storage acreage and the creditworthiness of a post-consolidation tenant as premium drivers. Families considering similar plays need to distinguish between pure sale-leaseback credit and operationally-critical real estate—this property appears to be the latter, given the outdoor storage and the tenant's recent regional expansion.
The outdoor storage component is the deployment angle. Industrial assets with laydown yards trade at tighter cap rates when the tenant has limited relocation optionality. A crane operator that just absorbed two competitors and consolidated regional operations is unlikely to vacate a facility with two acres of paved outdoor storage in the near term. That stickiness justifies a price that looks rich on a building-only basis but reasonable when the land and operational dependency are priced in.
Co-investment alongside a sponsor like 1788 Holdings would require clarity on the lease term remaining, renewal options, and whether the tenant has expansion rights tied to the outdoor acreage. If the lease runs fewer than five years without options, the price assumes a re-leasing scenario that may not materialise at the same rate. Direct ownership through a separate account would give a family full control over lease negotiations and the optionality to repurpose the outdoor storage if the tenant vacates. An LP commitment to a fund pursuing similar single-tenant industrial would dilute that control and introduce blind-pool risk around tenant credit and lease structure.
