Tag: land

The Bus Depot Deal Closes – WMATA Buys in ‘Andrews Federal’

Market Insight

WMATA now officially has a place to park its buses.

The transit agency, officially known as the Washington Metropolitan Area Transit Authority, paid approximately $13.8 million recently for 35 industrial acres in the Andrews Federal Campus, in Forestville, MD.

A replacement facility for its Southern Avenue garage, the planned build-out now includes fleet maintenance and operations. WMATA had put out an RFP late last year seeking qualified firms to manage the design/build, and is reportedly expected to make a final choice from among the responding firms.

The deal is land sale number two for Andrews developer Jackson Shaw, but leaves the company with enough land to build two spec warehouses for its own account. Jackson Shaw had sold 12 acres to the Architect of the Capitol early in the park’s evolution, land that that federal agency has largely left fallow so far.

WMATA will do the grading on the 35 acres it just bought, but it got a cleared, platted site with utilities to the edge of the property. The agency will pay the seller an additional fee for off-lot development, pushing its ground price into the neighborhood of just of $11 per foot. Lance Schwarz and David Michael of NAI Michael represented Jackson Shaw.

Courtesy of Prince George’s Newsletter. For more information or to subscribe, visit www.marylandnewsletters.com

940-Acre Toll Brothers Deal

Deals & Transactions

Toll Bros. Acquires Pair
Buys Locust Hill, Willowbrook

Two properties that together might serve as the next Beech Tree or Oak Creek have been sold to a partnership headed by Toll Brothers.

In a deal settled just over a week ago, Toll paid $21.6 million for the Locust Hill and Willowbrook properties. Located on Oak Grove Road and totaling about 940 acres, the two tracts could yield about 1,300 units. It’s believed that Toll bought the ground in a joint venture with NVR Inc., which would mark an expansion of the two builders’ efforts together locally.

Seller Seton Belt Trust has wanted to dispose of the land for years, but its marketing efforts eight years ago produced numerous offers – and then ran headlong into the bust. Toll had emerged then as a leading suitor, but put everything on hold until this summer, when it again put Locust and Willowbrook under contract and moved to protect the existing entitlements.

Toll and NVR are already cooperating at Oak Creek, but not in a formal joint venture. NVR bought the partially built-out community on Church Road, while Toll bought the golf course. It also contracted to buy lots from NVR, and will take more of the larger lots, befitting its high-end approach.

Keep reading

Upcoming Events

Mar
2
Fri
8:30 am MBIA Prince George’s County Chap... @ County Administration Building
MBIA Prince George’s County Chap... @ County Administration Building
Mar 2 @ 8:30 am – 10:00 am
EVENT INFORMATION0000000 Keep reading
Mar
7
Wed
8:30 am PGCOC Economic Development Commi... @ PGCOC Office
PGCOC Economic Development Commi... @ PGCOC Office
Mar 7 @ 8:30 am – 10:00 am
EVENT INFORMATION & CONTACT0000000 Keep reading
Mar
8
Thu
8:00 am Bowie CoC State of the County Br... @ The Country Club at Woodmore
Bowie CoC State of the County Br... @ The Country Club at Woodmore
Mar 8 @ 8:00 am – 10:00 am
REGISTER FOR EVENT HERE0000000 Keep reading
Mar
21
Wed
all-day ICSC Mid-Atlantic Conference & D... @ Gaylord National Resort & Conference Center
ICSC Mid-Atlantic Conference & D... @ Gaylord National Resort & Conference Center
Mar 21 – Mar 22 all-day
EVENT INFORMATION & REGISTRATION0000000 Keep reading
Apr
4
Wed
8:30 am PGCOC Economic Development Commi... @ PGCOC Office
PGCOC Economic Development Commi... @ PGCOC Office
Apr 4 @ 8:30 am – 10:00 am
EVENT INFORMATION & CONTACT0000000 Keep reading
Apr
12
Thu
5:30 pm Bowie CoC After Hours Mixer @ Metroplex I
Bowie CoC After Hours Mixer @ Metroplex I
Apr 12 @ 5:30 pm – 7:30 pm
REGISTER FOR EVENT HERE0000000 Keep reading
May
2
Wed
5:30 pm Maryland CoC Business Hall of Fa... @ BWI Hilton
Maryland CoC Business Hall of Fa... @ BWI Hilton
May 2 @ 5:30 pm – 9:00 pm
REGISTER FOR THIS EVENT0000000 Keep reading

Archived Posts