MacKenzie Commercial Real Estate Services, LLC recently facilitated the sale of a five-story office building located at 4201 Mitchellville Road in Bowie, Maryland. The property was sold to Beatrice Loving Heart Agency for $6.15 million and was previously the corporate headquarters for Washington Savings Bank. At the time of sale, the nearly 50,000-square-foot building was only 30% leased.
The transaction was successfully negotiated by Owen Rouse and David McClatchy from MacKenzie who represented both parties involved in the deal. Built in 1997 with visibility from MD Route 301 and a spacious parking lot with over 140 spaces available, this property proved to be an attractive investment opportunity for Beatrice Loving Heart Agency.
As part of their expansion plans to better serve elderly and disabled individuals, Beatrice Loving Heart Agency will relocate its headquarters from Lanham into one floor of this newly acquired office space.
According to Rouse: “Our team had several challenges including navigating through uncertain interest rates environment as well as rising prices for construction materials which ultimately led us towards higher vacancy rates among commodity office buildings within suburban areas.” Despite these obstacles however our team persevered resulting in a successful closing on this significant transaction.”
This recent achievement adds another feather onto MacKenzie’s cap further solidifying their position as leaders within commercial real estate services industry.
