December 12, 2017
Transwestern today announces it represented an undisclosed seller in the disposition of Metro Plex, a portfolio of two office buildings totaling 293,483 square feet and a 3.65-acre development pad in Landover, Maryland. Morning Calm Management purchased the portfolio for an undisclosed price. Transwestern’s Mid-Atlantic Capital Markets Group, including Mark Glagola, Gerry Trainor, Tom Hilley and Tina Wakley, represented the seller in the transaction.
“Morning Calm has made an exciting and strategic acquisition with the purchase of the Metro Plex portfolio,” said Glagola. “The significant change in the New Carrollton submarket will be beneficial for both Morning Calm and the surrounding area.”
Morning Calm is planning a multimillion-dollar renovation for the property. Land adjacent to the portfolio is set to be redeveloped as part of Prince George’s County’s New Carrollton Transit District Development Plan, which includes 1.3 million square feet of residential, 1.1 million square feet of office, 150,000 square feet of retail, 150,000 square feet of hotel, a parking garage for office and residential use, and 100 to 300 parking spaces for Metrorail commuters. Construction began in June 2017.
The portfolio is walking distance to the New Carrollton Metro Station, AMTRAK, Maryland Area Regional Commuter (MARC) trains and local buses. Metro’s forthcoming Purple Line will connect the New Carrollton Metro Station to Bethesda in Montgomery County. Located at 8201 – 8401 Corporate Drive, Metro Plex is highly visible at one of the nation’s busiest interchanges: Route 50 and the Capital Beltway, which includes Interstates 95 and 495.