Tag: sale

NAI Michael sells 136,860± SF warehouse

Deals & Transactions

Exeter Property Group has purchased the 136,860± square foot warehouse facility located at 6300 Columbia Park Road in Cheverly, Maryland. This property is situated on 15.36± acres and is currently leased by Safeway Stores, Inc. David Michael, Lance Schwarz, and Peter Burleigh of NAI The Michael Companies, Inc. represented the seller, Spendthrift Associates, in the transaction.

Automotive Deal in Hyattsville

Deals & Transactions

4720 Baltimore Avenue has been an auto sales and service operation for some 40 years. That isn’t changing. Only the ownership is.

The Baltimore Avenue LLC has newly acquired, for $1.325 million, the one-and-a-quarter acre site in Hyattsville from which Standard Leasing & Auto Sales so long operated. The property, fully paved and fenced, includes a 13,000 square foot building from which the LLC will move cars. Jack Lassise, Mike Isen and Mike DiMeglio of NAI Michael brokered the deal.

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.

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