Andy Stape, Joe Friedman and Mat Adler of Transwestern's ASSETInvestment Sales Group and Mark Glagola of Transwestern's Columbiaoffice brokered the sale, representing Marlo Plaza IV, LLC. The$6.3 million, three-parcel purchase is located off of PrinceGeorge's Boulevard at Queen's Court in Prince George's County inthe Bowie industrial submarket. Panattoni plans to leverage thelocation to develop several industrial facilities on the site,Stape tells GlobeSt.com. The company did not return a call toGlobeSt.com in time for deadline.

Panattoni's new land holding can support up to approximately500,000-sf of industrial development, Stape says. "There could be anumber of different uses – they haven't decided yet." Possibilitiesinclude a warehouse, a build-to-suit opportunity, a small baydevelopment or a facility that offers a retail component in thefront, he says.

Development is likely to begin next year, according to Stape.The Bowie industrial submarket is comprised of 4.3 million squarefeet, including Collington Center and Safeway's distributioncenter, which is located adjacent to the Panattoni's new site. Ingeneral, the Washington-Baltimore industrial corridor is performingwell, as vacancy rates and rents held steady the first half of 2008despite a slowing economy, according to Jones Lang LaSalle'sBaltimore/Washington, D.C. second quarter 2008 Industrial MarketSmart report. According to the report, the year-to-date netabsorption for the region was positive, at 608,718 sf. In PrinceGeorge's County specifically, it said, space options for tenants inthe flex market have increased significantly. Four new deliveriestotaling 265,566 sf of space are now online, including two newbuildings at the Brick Yard in Beltsville.