UPPER MARLBORO, MD—The mixed-use building at 9822 Fallard Court here has been sold to the Chesapeake Lighthouse Foundation, which plans to convert the 108,000-square-foot building into a home for a charter middle and high school.
Chesapeake Lighthouse acquired the property from Finmarc Management, Inc. of Bethesda, MD for $6 million and intends to reposition the two-story building into a new campus of the Chesapeake Math and IT Academy, a charter middle and high school. Built in 1994, the building previously served as the corporate headquarters for Mattress Discounters.
The new building owner plans to open a middle school that will serve approximately 450 students and then build a high school at the property that will have a student body of approximately 400 additional students. CMIT opened its first school in Prince George's County in 2011 and teaches a science, technology, engineering and mathematics (STEM) curriculum.
"This building remains in excellent condition and is perfectly suited for conversion into a multi-functional school to serve the long-term needs of the Chesapeake Math and IT Academy," says Marc Solomon, principal of Finmarc, in a prepared statement. "We fielded numerous inquiries for the property and sold for close to our asking price."
Peter Burleigh and Lance Schwarz of NAI Michael represented the seller in this transaction.
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