Two-Building Largo Flex Portfolio Trades For $16.5M
Inglewood Business Center in Largo, Md.
Baltimore-based Atapco Properties has sold a 156k SF Prince George's County flex office portfolio to Vienna, Va.-based Rosenthal Properties.
Rosenthal acquired Inglewood Business Center, a two-building flex park for $16.5M. Transwestern executive managing director Gerry Trainor and senior managing director Mark Glagola represented the seller. Rosenthal didn't use a broker, Transwestern said.
The properties, at 1220 and 1221 Caraway Court in Largo, sit across the street from Largo Town Center and the future site of the $543M Prince George's Regional Medical Center, which received state approval in October. It also sits less than two miles from FedEx Field.
The property was 80% vacant when Atapco bought it in 2013 as part of a $17.4M, four-building trade, according to state property records. Transwestern provided leasing services and brought the building up to 96% occupancy, with tenants including the U.S. Department of Health and Human Services and the National Oceanic and Atmospheric Administration.
“Inglewood Business Center presented a compelling investment opportunity with market-changing developments at nearby properties including the new Prince George’s Hospital Center,” Glagola said in a release. “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.”
Atapco president Kevin McAndrews will be a speaker at Bisnow's Howard County event on Feb. 23.
CORRECTION, Feb. 7, 2:55 p.m.: Atapco bought the two buildings as part of a four-building $17.4M transaction that closed in 2013. This deal includes half of the buildings Atapco acquired at the time. This story has been updated.
