One Town Center – Bowie, Maryland
One Town Center – Bowie, Maryland
One Town Center – Bowie, Maryland
This is a fully stabilized property located directly adjacent to Bowie Town Center, a 900,000 square unenclosed shopping center that is considered one of the premier retail destinations in the region. At the time of the acquisition, the property was 100% leased with average rental rates 20% below their market value. The strategy for this property was to roll rents up to market as leases expire. Considering the location and the stability of this property, this was a core asset acquisition scheduled for a long-term hold.
Core Asset Acquisition
- Acquired through a competitive bid process
- 101,657-sq. ft. office building acquired for $23,500,000 in
- September 2005
- Acquired under a Tenants in Common (TIC) structure
- Class A multi-tenant office building
- Anticipated average net cash on cash return is 10.12% over a 10 year holding period
