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245-Acre Land Purchase Will Lead to Bigger Things

LANDOVER, MD-The acquisition of a 245-acre parcel at Rte. 45 and Rte. 202 paves the way for the development of a mixed-use property to be known as Woodmore Towne Centre. A partnership involving Petrie Ventures Inc., Greenberg Commercial and Hovnanian Land Investment Group is behind the project.

By Barbra Murray | Updated on March 17, 2005

LANDOVER, MD-A 245-acre parcel of land situated near I-495 and Rte. 202 has been snapped up for a commercial real estate endeavor. A partnership consisting of Petrie Ventures Inc., Greenberg Commercial and Hovnanian Land Investment Group purchased the parcel–it plans to develop the mixed-use Woodmore Towne Centre–from the Rouse Cos.

Financial terms of the land acquisition have not been disclosed. However, according to NAI KLNB Inc.’s Market Information report, land in Suburban Maryland zoned for office/industrial development goes for an average $ 130,680 to $435,600 per acre; while parcels zoned for retail/commercial development command an average $653,400 to $871,200 per acre.

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