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Marcus & Millichap is seeking buyers for a 22-acre residential development site near FedEx Field in Landover amid a larger uptick in activity in the area
The brokerage began marketing the site at 1900 Brightseat Road, approved for about 380 residential units, in early January. The prospect has already drawn interest from a number of homebuilders, said Matt Chambers, an associate with The Zupancic Group of Marcus & Millichap. The Zupancic Group is marketing the property along with Marcus & Millichap’s Office & Industrial Group.
Chambers said he anticipates the property will sell for at or more than its $8 million list price based, based on the level of interest so far and on comparable land deals in the area. Development is likely to follow soon after.
The offering comes about a little more than a year after the University of Maryland Medical System broke ground on its $543 million teaching hospital at Largo Town Center and as Retail Properties of America Inc. (NYSE: RPAI) queues up a mixed-use project that came about as part of a land deal clearing the way for UMMS’s planned medical facility.
With those projects on the way, Finmarc Management Inc. recently paid $44 million for the Largo Town Center shopping center earlier this month. Meanwhile, Lerner Enterprises is seeking buyers for the 80-acre former Landover Mall also nearby.
The property’s development team, which included MTM Builder/Developer Inc. and its owner, Dean Morehouse, won approval from the Maryland-National Capital Park and Planning Commission in 2014 for the multifamily project but were not able to move forward with development.
An MTM affiliate has owned the property for more than a decade and opened it up as a 1,600-space parking lot servicing Washington’s NFL team’s home stadium in 2005 as a temporary measure, according to a Washington Post article at the time.
Marcus & Millichap is the nation’s largest brokerage firm focused exclusively on investment sales. It is based on a simple premise: matching each property with the largest pool of pre-qualified investors. With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research, and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more about the company, please visit www.MarcusMillichap.com.