Andy Stape, Joe Friedman and Mat Adler of Transwestern's ASSET Investment Sales Group and Mark Glagola of Transwestern's Columbia office brokered the sale, representing Marlo Plaza IV, LLC. The $6.3 million, three-parcel purchase is located off of Prince George's Boulevard at Queen's Court in Prince George's County in the Bowie industrial submarket. Panattoni plans to leverage the location to develop several industrial facilities on the site, Stape tells GlobeSt.com. The company did not return a call to GlobeSt.com in time for deadline.

Panattoni's new land holding can support up to approximately 500,000-sf of industrial development, Stape says. "There could be a number of different uses – they haven't decided yet." Possibilities include a warehouse, a build-to-suit opportunity, a small bay development or a facility that offers a retail component in the front, he says.

Development is likely to begin next year, according to Stape. The Bowie industrial submarket is comprised of 4.3 million square feet, including Collington Center and Safeway's distribution center, which is located adjacent to the Panattoni's new site. In general, the Washington-Baltimore industrial corridor is performing well, as vacancy rates and rents held steady the first half of 2008 despite a slowing economy, according to Jones Lang LaSalle's Baltimore/Washington, D.C. second quarter 2008 Industrial Market Smart report. According to the report, the year-to-date net absorption for the region was positive, at 608,718 sf. In Prince George's County specifically, it said, space options for tenants in the flex market have increased significantly. Four new deliveries totaling 265,566 sf of space are now online, including two new buildings at the Brick Yard in Beltsville.