{"id":1004200684,"date":"2017-12-14T05:42:25","date_gmt":"2017-12-14T13:42:25","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004200684"},"modified":"2022-12-07T15:17:52","modified_gmt":"2022-12-07T23:17:52","slug":"morning-calm-closes-suburban-dc-office-value-add-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/morning-calm-closes-suburban-dc-office-value-add-deal\/","title":{"rendered":"Morning Calm Closes Suburban DC Office Value-Add Deal"},"content":{"rendered":"

By Scott Baltic<\/em><\/p>\n

\"Mukang<\/a>

Mukang Cho<\/p><\/div>\n

Morning Calm Management has acquired Metro Plex I and II in Landover, Md., for $16.5 million, the buyer announced Tuesday. The 293,500-square-foot Class B property also includes a 3.7-acre pad site approved for 200,000 square feet of future development.<\/p>\n

The park, which is adjacent to New Carrollton station on the Washington, D.C., Metro, is about only 45 percent leased. The buyer, of West Palm Beach, Fla., describes itself as focused on \u201cspecial situation investing.<\/em>\u201d<\/p>\n

Metro Plex I, built in 1980, is a six-story building with 107,180 square feet of office space, and Metro Plex II, completed two years later, has 186,300 square feet of leasable space on 12 floors. The complex was partially renovated in 2002 and 2003. The site, at 8201 \u2013 8401 Corporate Drive, is near Route 50 and the Capital Beltway (Interstates 95 and 495) and is within walking distance of the New Carrollton Metro station, Amtrak\/MARC station and the future Purple Line.<\/p>\n

\u201cMetro Plex is a quality asset that has underperformed in recent times<\/em>,\u201d Mukang Cho, CEO &\u00a0managing principal at Morning Calm, said in a prepared statement. \u201cThrough our hands-on management approach<\/a> and the capital program we will immediately put in place, we expect Metro Plex will perform once again, especially as the New Carrollton Transit Development Plan transforms this part of the region\u2026.<\/em>\u201d<\/p>\n

The capital investment of $4 million will include improvements to bathrooms, corridors and lobbies, a Morning Calm spokesperson told Commercial Property Executive<\/em>. There are no immediate long-term plans for the undeveloped portion of the site, though there have been conversations with developers about a possible hotel, the spokesperson said. In the short term, plans include activating it as a space for social and athletic programming. Capital Office Park, in Greenbelt, Md., which Morning Calm bought last December, currently offers outdoor yoga and other workouts, along with food trucks.<\/p>\n

Transwestern\u2019s Mid-Atlantic Capital Markets Group, including Mark Glagola, Gerry Trainor, Tom Hilley and Tina Wakley, represented the seller.<\/p>\n

An intersection about to boom<\/h2>\n

The Metro Plex property is adjacent to the 71-acre New Carrollton Transit District Development Plan site, which will be redeveloped by the Washington Metropolitan Area Transit Authority, Forest City and Urban Atlantic.<\/p>\n

The plan calls for 1.3 million square feet of residential, 1.1 million square feet of office, 150,000 square feet of retail, 150,000 square feet of hotel, a parking garage for office and residential use, and 100 to 300 parking spaces for Metro rail commuters. The first phase of the plan broke ground this past June with a project comprising 260 residential units plus 13,000 square feet of retail.<\/p>\n

In addition, the forthcoming light rail Purple Line will connect the New Carrollton Metro station at one end to Bethesda at the other, with nearly 20 stations along the way.<\/p>\n

Photo courtesy of Morning Calm<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The nearly 300,000-square-foot park is less than half occupied, but its immediate environs look to be on the verge of a boom.<\/p>\n","protected":false},"author":882,"featured_media":1004200699,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,11,21742,21747,1615],"tags":[33697,38608,33313],"class_list":["post-1004200684","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-midatlantic","category-latest","category-office","category-washington-dc","tag-morning-calm-management","tag-mukang-cho","tag-transwestern"],"acf":[],"yoast_head":"\nMorning Calm Closes Suburban DC Office Value-Add Deal - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/morning-calm-closes-suburban-dc-office-value-add-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Morning Calm Closes Suburban DC Office Value-Add Deal\" \/>\n<meta property=\"og:description\" content=\"The nearly 300,000-square-foot park is less than half occupied, but its immediate environs look to be on the verge of a boom.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/morning-calm-closes-suburban-dc-office-value-add-deal\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-12-14T13:42:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T23:17:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Mukang-Cho.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/morning-calm-closes-suburban-dc-office-value-add-deal\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/morning-calm-closes-suburban-dc-office-value-add-deal\/\",\"name\":\"Morning Calm Closes Suburban DC Office Value-Add Deal - 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