ZONED OUT
Maryland put the 83k SF Housing and Community Development building in Crownsville up for sale earlier this week, selecting CBRE's Peter Larkin and Peter Jansen to handle the transaction. Cassidy Turley's Kevin Greaney tells us other outlets have reported the agency will move to Prince George?s County but there's a chance they'll stay because of the state's $1.6B budget shortfall. He says the biggest obstacle for buyers is the property's zoning, which is 95% rural agriculture and makes the price unpredictable (similar buildings without zoning issues usually go for around $175/SF). Kevin thinks there are three likely scenarios for purchasers: keep the state agency in place, find another tenant, or sit on it for several years to change the zoning. Bids are due Feb. 1. (In time for planting season.)
