Lowe Enterprises Investors (LEI) has declared that on behalf of a pension fund client they have bought an office building measuring 86,000 sq.ft in Montgomery County, Maryland, a main submarket area in Washington, DC. The five-story building property is 73% rented and situated in Wheaton, Maryland.
City Vista is a mixed-use development project located in the Mt. Vernon triangle section of Washington DC. Credit: Lowe Enterprises Investors
The building located just a block away from the Westfield Wheaton Shopping Center is situated next to the Wheaton Metro Stop, thus offering easy reach to the central business district of Washington DC and to the adjoining Silver Spring, MD. The proposed mixed-use project of Town Center to be constructed crossways to the street is anticipated to make the area busy with additional facilities. Lowe Enterprises Real Estate Group, a local partner of LEI will manage the property Management Company and perform the needed improvements for the building.
According to Mike Balaban, Lowe Enterprises Real Estate Group’s managing director, the property situated in an infill location in Wheaton area is pedestrian-friendly and is served by the metro rail thus offering its residents and tenants easy access to work place and retail areas.
Lowe Enterprises has been actively engaged in investing and developing commercial real estate in the region since establishing its office in Washington DC in 1980. The company has recently finished the improvement of CityVista, a mixed-use project located at the 5th and K Street, NW and valued at $250 million and supervised the $150 million worth restoration work performed at Washington, DC, located Washington Hilton Hotel. In Crystal City, VA, on behalf of an Investment Trust the company manages commercial property spread over 1 million sq.ft and supervises redevelopment valued around $70 million at 1400 Crystal Drive in Crystal City.
Source: http://www.loweenterprises.com/