Houston-based Transwestern announced it has been retained to represent the seller of the Metro Plex office portfolio. The deal encompasses two office buildings that total 293,000 square feet of prime Landover, Md. office space and a 3.65-acre development site located between the structures.
The portfolio’s location is one of its best assets – the buildings and development site are right at one of the nation’s busiest interchanges: Route 50, the Capital Beltway and Interstates 95 and 495. Moreover, the property is near the New Carrollton Metro Station, which offers services on the Orange Line, AMTRAK and Maryland Area Regional Commuter (MARC) trains and local buses. A forthcoming Purple Line will connect the New Carrollton Metro Station to Bethesda in Montgomery County. Access to transit connects this Suburban Maryland asset very well to the Greater Washington D.C. commercial market.
Metro Plex I is located at 8401 Corporate Drive and is a six-story, steel-frame office building that was originally built in 1980. At 106,000 square feet, the building comes with a 4 / 1,000 square feet parking ratio.
Metro Plex II is a 187,000-square-foot, 13-stories-tall, steel-frame construction with glass and masonry exterior finishes. Located “right next door,” at 8201 Corporate Drive, the second Metro Plex was completed in 1982 and comes with a similar parking ratio. On-site amenities include a full-service deli and health club.
Transwestern’s Mark Glagola, senior managing director and lead agent for the property, stated that “this is an excellent value-add investment in Washington, D.C., near a Metro station with significant development potential for a mixed-use product. Properties near Metro stations have outperformed others in the market, and the growing supply of housing and retail amenities surrounding the New Carrollton Metro Station is transforming the area.”
The “New Carrollton Transit District Development Plan,” put in place by the Prince George’s County Planning Department, is slated to transform the area into a transit- and pedestrian-oriented community. The project is set to break ground in June of this year and will include 1.1 million square feet of office space, 150,000 square feet of retail and 150,000 square feet of hotel space. In addition, the Metro Plex is located near the potential site of a new 3 million-square-foot FBI headquarters property.
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