An investment affiliate of 1788 Holdings, LLC has acquired 51 Ritchie Road, a light industrial facility in the Capitol Heights section of Prince George’s County, Maryland, for $15 million. The single-story building offers nearly 103,000 square feet of industrial space and is positioned on a site of almost eight acres, combining building area with a significant amount of paved surface lot. The property is fully occupied and 100 percent leased to Bay Crane Mid-Atlantic, providing the buyer with a stabilized, income-producing asset at closing.
The site includes approximately two acres of industrial outside storage land, which complements the building’s functionality for heavy equipment users and logistics-oriented operations. The balance of the nearly eight-acre parcel is improved with paved surfaces that support circulation, parking, and yard uses tied to the tenant’s operations. Delivered in the mid-1950s, the property has undergone multiple rounds of capital investment, with renovations completed in the mid-1970s and again in 1997, reflecting periodic modernization over several decades.
Functional characteristics of 51 Ritchie Road include clear ceiling heights ranging from 18 to 22 feet, offering flexibility for equipment storage and interior industrial uses. The building is served by 11 drive-in doors, which facilitate direct vehicular access to the interior space, and three dock doors that support truck loading and unloading. The combination of dock-high and drive-in access, together with substantial paved yard area and outdoor storage, positions the property to serve specialized industrial and crane-related uses.
Bay Crane Mid-Atlantic, the property’s sole tenant, was formed following Bay Crane Companies’ 2024 acquisition of United Crane & Rigging and Crane Rental Company. That transaction created one of the largest crane companies operating in the Mid-Atlantic region, and 51 Ritchie Road serves as a key location for the consolidated platform. The building’s layout and outdoor storage capacity are aligned with the needs of crane and heavy equipment users, and the full-building lease concentrates tenancy with a single industrial operator.
On the capital markets side, CBRE’s Matt Laraway and Luke Wilson represented the seller in the sale of 51 Ritchie Road. The investment affiliate of 1788 Holdings was self-represented in the transaction, with no third-party advisor noted for the buyer. 1788 Holdings, a privately owned real estate investment firm, owns and manages a national commercial real estate portfolio spanning 13 states, with a reported market value exceeding $250 million. The acquisition of 51 Ritchie Road adds a fully leased light industrial asset with outdoor storage to that portfolio and underscores ongoing investor interest in functional industrial properties in the Capitol Heights area of Prince George’s County.
