Transwestern Brokers Sale of 156 KSF Flex Portfolio
- Feb 10, 2017
Largo, Md.—Transwestern recently announced that it represented Atapco Properties in the disposition of Inglewood Business Center, two flex properties totaling 156,393 square feet in Largo, Md. Transwestern brokered the sale after increasing occupancy by 76 percent. Caraway Court Owner LLC, an investment group led by Rosenthal Properties, purchased the portfolio for $16.5 million.
Located at 1220 and 1221 Caraway Court, the two buildings are adjacent to one of the sites that is under consideration to be the new FBI headquarters and are part of a business park that is soon to be home to Prince George’s County executive headquarters and P.G.’s Regional Medical Center. Inglewood Business Center is less than half a mile from the Capital Beltway and a 5-minute drive from the Largo Town Center metro station.
“Inglewood Business Center presented a compelling investment opportunity with market-changing developments at nearby properties including the new Prince George’s Hospital Center. The leasing team has done a tremendous job in stabilizing this property with solid tenants, but there is still upside potential through leasing the remaining vacancy and market rent growth, ”said Mark Glagola, senior managing director at Transwestern’s Mid-Atlantic Capital Markets Group, in a prepared statement.
Transwestern also brokered the sale of Inglewood to Atapco back in 2012, when it was 80 percent vacant. This time, the firm provided leasing services for the portfolio, which is currently 96 percent leased to a mix of tenants, including the U.S. Department of Health and Human Services and the National Oceanic and Atmospheric Administration.
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