Cohen Equities Expands in Prince George’s County
- Sep 07, 2015
Today’s Greater Washington office deal comes from Hyattsville, where New York-based Cohen Equities purchased Prince George’s Metro Center IV at University Town Center for an undisclosed price.
Transwestern brokered the sale and announced it on Thursday, September 3. Mark Glagola, managing director of the commercial real estate firm’s Mid-Atlantic Capital Markets Group, negotiated the deal on behalf of the seller, which remained unnamed.
According to PropertyShark, PGMC IV LLC was the previous owner of Metro Center IV. The real estate website also indicates that the current market value of the Hyattsville property is about $42.2 million. The 174,000-square-foot office building was completed in 2003, at 3311 Toledo Road. At the time of the sale, the asset was 60 percent leased to the Centers for Disease Control and Prevention’s National Center for Health Statistics.
“Prince George’s Metro Center IV presented a rare opportunity for Cohen Equities to acquire a Class A building with value-add potential near a Metro stop,” Mark Glagola said in a statement. “Furthermore, this acquisition is the perfect complement to another property Cohen recently acquired, 7900 Harkins Road in New Carrollton. These two properties are the only Class A buildings near Metro stops in Prince George’s County.”
Cohen has also retained Transwestern to provide leasing and property management services for Metro Center IV.