Marcus & Millichap is seeking buyers for a 22-acre residential development site near FedEx Field in Landover amid a larger uptick in activity in the area.
The brokerage began marketing the site at 1900 Brightseat Road, approved for about 380 residential units, in early January. The prospect has already drawn interest from a number of homebuilders, said Matt Chambers, an associate with The Zupancic Group of Marcus & Millichap. The Zupancic Group is marketing the property along with Marcus & Millichap’s Office & Industrial Group.
Chambers said he anticipates the property will sell for at or more than its $8 million list price based, based on the level of interest so far and on comparable land deals in the area. Development is likely to follow soon after.
The offering comes about a little more than a year after the University of Maryland Medical System broke ground on its $543 million teaching hospital at Largo Town Center and as Retail Properties of America Inc. (NYSE: RPAI) queues up a mixed-use project that came about as part of a land deal clearing the way for UMMS’s planned medical facility.
With those projects on the way, Finmarc Management Inc. recently paid $44 million for the Largo Town Center shopping center earlier this month. Meanwhile, Lerner Enterprises is seeking buyers for the 80-acre former Landover Mall also nearby.