MCRES Brokers Sale of Prince George’s County Commercial Office Building for $2.3 Million
Harborview Properties purchases 22,800 square foot building from Indian Head Assets 90 days after former owner acquires 95 percent vacant, foreclosed asset at auction
MacKenzie Commercial Real Estate Services, LLC has brokered the sale of 5410 Indian Head Highway, a three-story, 22,800 square foot office building situated in the Oxon Hill section of Prince George’s County, Maryland for $2.3 million. Former owner Indian Head Assets acquired the three-story building at auction earlier this summer, and subsequently named MacKenzie Commercial as the exclusive sales broker, with David McClatchy, Senior Vice President and Principal handling the assignment. Approximately 90 days after bringing the building to market, Harborview Properties closed on the sale of the 95 percent vacant asset.
Harborview Properties is the commercial real estate arm of Harborview Dental Associates, a specialty-group dental practice which specializes in general dentistry, orthodontics, and oral and maxillofacial surgery. The group intends to open a new practice location within the building which was delivered in 1964, features nearly 80 surface parking spaces and is within close proximity to Interstates 295 and 495 and National Harbor.
Indian Head Assets is a Baltimore. MD.-area partnership which invests exclusively in foreclosed commercial office, retail, and land properties.
“With the volume of investment sales greatly diminished this year based on the high interest rate environment, many owner-users have been sitting on the sidelines with ready capital at hand waiting for compelling opportunities,” said MacKenzie’s David McClatchy. “This transaction, which closed extremely quickly, demonstrates the high demand for strategically-positioned and attractively priced commercial office assets. We fielded substantial interest in 5410 Indian Head Highway, and the reduced supply of properties suitable for owners to occupy resulted in a significant return to the seller.
“Indian Head Assets aggressively acquired the building at auction and Harborview Properties acted quickly and decisively in this acquisition,” McClatchy added. “Both groups should be commended for their vision and resolve to pursue and complete the transactions.”
MacKenzie Commercial Real Estate Services is the real estate brokerage arm of The MacKenzie Companies, which operates five full-service divisions addressing all real estate asset classes including MacKenzie Management Company, MacKenzie Contracting Company, MacKenzie Capital and MacKenzie Investment Group. The company provides customized real estate solutions for institutional owners, investors, private companies, and individuals. For additional information, visit www.mackenziecommercial.com
