Development Dispatch: Berwyn Warehouse District Changes Hands

In April, real estate investment firms Goldstar Group and Congressional Commercial partnered to purchase 81,000-square-feet of land in the Berwyn Warehouse District.

The venture spent a total of $3.97 million on the property, which is currently home to eight warehouses of varying sizes built in the '80s. The property was purchased from developer Irving Kidwell.

Langdon Hample, president of Congressional Commercial, told Patch that no imminent changes are in the works for the space.

"Our plan is to keep it as is," he said. "It’s not a 10 or 20 year redevelopment play."

Michael Brodsky, of Bethesda-based Goldstar, said in an interview with the Prince George's Newsletter that the impetus to buy was simply an effect of the price being right.

"It gives us the flexibility to hold it or lease it up and sell it in a few years," he said, adding that with the exception of making "some minor capital improvements," the buildings are generally in good shape.

Congressional Commercial also owns the property at 4500 Lehigh Rd., which currently functions as a law office. The venture hopes to acquire more property in the area soon, Hample said.