Update: HFF closed the sale of this property. Please click here to view our current commercial real estate listings.
HFF, as exclusive representative for the owner, is marketing for sale Largo 95, an institutionally-owned, multi-tenant office/flex property comprising 149,795 square feet across two buildings. Largo 95 is strategically located minutes outside of Washington, D.C. with direct access to the Capital Beltway (Interstate 95/495) and within walking distance of the Largo Town Center Metrorail Station (Blue/Silver Line).
Largo 95 is currently 96.7 percent leased to 10 tenants, with government, medical and credit tenants comprising 73.4 percent of the tenancy. The single-story industrial and office property has an average remaining lease term of 7.2 years, and only 15.5 percent of tenancy expires prior to April 2020. In addition, Largo 95 has averaged 92 percent occupancy over the last 11 years, dramatically outperforming the surrounding market.
Located at 1100 and 1200 Mercantile Land in Largo, Maryland, the industrial property for sale is and will be the recipient of substantial demand from the adjacent $651 million Regional Medical Center, which is expected to open in 2020 and be operated by the University of Maryland and Dimensions Healthcare. The opportunity offers investors a highly lucrative and stable in-place cash flow with immediate value creation through retaining and attracting medical tenants that will value proximity to the new medical center. The flex property is also well positioned to capture additional value from the redevelopment potential in accordance with the Largo Town Center Sector Plan, adopted in 2013.
Situated on 11.24 acres in Prince George's County, Largo 95 is less than six miles from Washington, D.C., which, with a population of more than nine million, is the third largest metro economy and one of the most resilient and economically-stable markets in the United States. Home to the country’s most educated and wealthiest employment base, Prince George’s County's economy is strengthened by the recent growth and development of several key economic engines, including the Regional Medical Center (2020), Joint Base Andrews, National Harbor, Tanger Outlet Center, NASA Goddard, University of Maryland University College (UMUC) Academic Center at Largo and the arrival of MGM at National Harbor (end of 2016). Each of these projects is on track to bring thousands of new jobs, ancillary development and further community investment.
The flex buildings are located between Maryland’s two largest employers, the University of Maryland and Joint Base Andrews. Each of these economic drivers has experienced substantial growth over the last decade and created millions of square feet of auxiliary demand in the surrounding area. Largo 95 is near expansive amenities, including FedEx Field with more than 2.5 million square feet of retail between Boulevard at the Capital Centre, Largo Town Center, Largo Plaza and Woodmore Towne Centre at Glenarden.
Largo 95 is an opportunity for investors to acquire a flex office and industrial property for sale near Washington, D.C. The property will benefit from the major economic catalyst that the new Regional Medical Center will be when completed, increasing the demand for flex property. For more information on this commercial property for sale or other properties in the Washington, D.C., Maryland and Virginia areas, please contact Bruce Strasburg in HFF's Washington D.C. office.