Transwestern Arranges Sale of Bowie Corporate Center in Suburban DC
Transwestern Real Estate Services has facilitated the sale of Bowie Corporate Center, a 125,969-square-foot, Class A office building in Bowie, Md., Commercial Observer has learned.
The property traded for under an 8 percent cap rate on strong in-place income, said Gerry Trainor, executive managing director at Transwestern. While he declined to provide the sales price, he said that it set a record for the highest price per square foot paid in Prince George’s County for a suburban office building in the past decade.
Located at 4321 Collington Road, the freestanding, five-story building is fully leased, with health care data analytics company Inovalon serving as the anchor tenant on a long-term lease.
“The appeal of the property was the long-term credit tenancy of the anchor tenant,” Trainor said. He noted that the seller, an investment fund, had been involved with the property since its original development in 2007 and had decided to exit the investment since it was nearing the end of its term.
Buchanan Partners was the developer and seller, according to public records. The buyer was not disclosed.
Transwestern utilized videography and digital media strategies to market the property.
“The pandemic created challenges with showcasing the property, but our team was able to restructure the marketing experience by providing virtual tours that allowed investors to visit the project from their computer rather than in person,” Trainor said. “The robust investor interest in Bowie Corporate Center during a period of uncertainty demonstrates the asset’s attractiveness for steady cash flow from a high-credit, long-term anchor tenant.”
Bowie Corporate Center is located directly across from the popular Bowie Town Center, and offers access to nearby Washington, D.C., Annapolis and Baltimore.
The LEED Gold-certified property features an abundance of natural light and high ceilings.