Falls Church, VA (September 28, 2026) – An investment affiliate of 1788 Holdings, LLC has acquired 51 Ritchie Road, a single-story light industrial building totaling nearly 103,000 square feet of space in the Capitol Heights section of Prince George’s County, Maryland for $15 million. Situated on nearly eight acres, the site includes two acres of Industrial Outside Storage (IOS) land and is 100 percent leased and occupied by Bay Crane Mid-Atlantic. CBRE’s Matt Laraway and Luke Wilson represented the seller. 1788 Holdings, a privately-owned real estate investment firm which owns and manages a national commercial real estate portfolio spanning 13 states with a market value exceeding $250 million, was self-represented.
Bay Crane Mid-Atlantic was formed after the 2024 purchase of United Crane & Rigging and Crane Rental Company by Bay Crane Companies, resulting in one of the largest crane companies operating in the Mid-Atlantic region. The group’s portfolio of services includes tower crane and hoist rentals, rigging, heavy haul, warehousing, and alternative movement solutions.
“51 Ritchie Road is highly differentiated within the Prince George’s County commercial real estate market, given the presence of IOS land and its ability to accommodate outside storage and trailer parking, which positions the asset extremely favorably for contractors and other typical light industrial users,” stated Larry J. Goodwin, Principal, 1788 Holdings. “This asset is consistent with our mission to identify and acquire well-located, highly-functional, and substantially-leased properties which include a meaningful amount of IOS land in the DMV. Following an analysis of the building, existing lease, and current market conditions, we believe 51 Ritchie Road represents a compelling mark to market opportunity which will deliver significant returns to our investor group.”
This purchase bolsters the number of Maryland-area assets owned and managed by 1778 Holdings to nine and is the first located in the Prince George’s County submarket. According to Goodwin, the company has been targeting a Prince George’s County entry for several years and “51 Ritchie Road checked every investment box which we seek to check, it is well-leased, has a materially under-market rent, offers nearly a 50/50 ratio of building GLA and IOS GLA and it is highly functional.”
He added that “companies utilizing IOS in infill locations tend to be extremely sticky given the scarcity of such product near urban centers in most markets.”
Delivered in the mid-1950s and renovated in the mid-1970s and in 1997, 51 Ritchie Road is equipped with 18- to 22-foot clear ceiling heights, 11 drive-in doors, and three dock doors, and is surrounded by a material amount of paved surface lot.
“Prince George’s County remains an extremely robust submarket, based on its proximity to the city of Washington, DC, which has a very limited amount of industrial stock within it,” Goodwin added. “This site benefits from the best-in-class infrastructure, a well-connected highway network, the presence of three international airports, and a strategic location adjacent to Interstate 495.”
1788 Holdings focuses on the identification, acquisition, asset management oversight, and repositioning of industrial/warehouse and Industrial Outside Storage properties located in primary and secondary markets throughout the country. The Northern Virginia-based group owns and manages approximately 40 assets, comprising more than two million square feet of space - including 88 IOS acres - with a market value exceeding $250 million.
1788 Holdings, LLC is a Northern Virginia-based commercial real estate investment and management company which was founded in 2010. The company has substantial experience and an established track record in the sourcing, underwriting, financing, asset management and disposition of light industrial properties in the eastern half of the United States. For more detailed information on the company, please visit www.1788holdings.com