BETHESDA, MD–A foreign investment group has acquired a 62-acre campus in Prince George's County — specifically, 6511 Princess Garden Parkway in the Lanham section, the former Washington Bible College. The buying group's name is Washington Education Zone, LLC.
Lantian Development, LLC was the seller of the property, which traded for $16.5 million. It acquired the property for $11.6 million in 2015.
The campus consists of nine buildings that are approximately 150,000 square feet in total.
John Gibb, Danny Sheridan and Bernie McCarthy of JLL represented the seller.
The master-planned campus was developed in phases from the 1940s through the 1980s. The mix of buildings were used for administrative offices, classrooms, a student lounge, dormitory space, bookstore, cafeteria with dining hall, a library and an assembly hall. There were also classrooms, a gymnasium, a fitness center and racquetball facilities as well as multiple athletic fields.
After Lantian acquired the campus, it explored a number of scenarios that could fit the campus's buildings and pastoral setting, according to executive Brian McLaughlin.
The company plans to invest the proceeds in the development of several of its existing land holdings, including the Shady Grove Neighborhood Center, a mixed-use development in Rockville. “We also remain extremely active in our pursuit of new properties and near-term development opportunities that fit our acquisition profile and that enable us to build long-term value,” Lantian CEO Robert J. Elliott, Jr., said in a prepared statement.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
