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Lottsford Business Center Sold for $8.3 Million

LANDOVER, MD-In a $8.3 million deal, Lottsford Business Center changes hands from SKW II Real Estate Limited Partnership to a Kenwood Management-controlled partnership.

By Barbra Murray | Updated on January 11, 2002

LANDOVER, MD-Acting on behalf of SKW II Real Estate Limited Partnership, Bethesda, MD-based Transwestern Commercial Services has negotiated the sale of SKW’s 122,815-sf Lottsford Business Center. A Kenwood Management-directed partnership purchased the flex/warehouse structure for $8.3 million.

Located at 9475 Lottsford Road, the 14-year old building was last on the market in 1994 when Travelers Insurance Co. sold it for a price of $3.9 million. Lottsford is a 60% build-out project, and Transwestern says it had no trouble selling the property. “We had a lot of interest and activity in the asset,” says Transwestern Senior Vice President Jim Darby, speaking to GlobeSt.com. “This validates northern and lower Prince George’s County, which has had extremely low vacancy rates over the last three years.” Darby adds, “this, as well as most sales, has been aided by the fact that interest rates are low.”

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