Prince George's County Mall Sold To Local Group: The D.C. Deal Sheet
The 293K SF Bowie Town Center shopping mall in Prince George's County is under new ownership.
Nile Equity Group and Community Realty Co. acquired Bowie Town Center for an undisclosed price, CBRE Executive Vice President Ryan Sciullo — whose team brokered the deal — announced on LinkedIn.
The sale hasn't appeared in property records. The prior owner was an affiliate of WPG, a Columbus, Ohio-based company that filed for Chapter 11 bankruptcy in 2021 and said last year it was putting all of its remaining shopping centers on the market.
Bowie Town Center, sitting on MD-197 near the intersection with U.S. Route 301, was 86% leased at the time of the sale, Shopping Center Business reported. Its tenants include Macy's, Barnes & Noble, United Furniture Warehouse and LA Fitness.
Nile Equity Group, led by Oluseyi Ademiluyi and Amine Hammedi, owns several other residential and retail properties in D.C. and Maryland, according to its website. Silver Spring-based Community Realty Co. was founded in 1963 and has a large portfolio of commercial properties in the region.
SALES
BXP sold its ownership interest in the Market Square North mixed-use building for $62.5M, it revealed in its fourth-quarter earnings report Tuesday. CEO Owen Thomas said on its earnings call the company decided not to participate in a debt restructuring at the property and sold its interest to its partner. He didn’t name the partner, but Gould Property Co. announced this week it acquired the 50% stake from BXP. The 417K SF property had 103K SF of vacant space, BXP said in its earnings supplemental.
***
Navy Federal Credit Union acquired the vacant office building at 901 Follin Lane in Vienna for $12M, brokerage firm Cresa announced this week. The 100K SF building, sold by Zalco Commercial, sits across the street from Navy Federal’s headquarters. The lender plans to use it for extra parking in the short term while it determines future plans, Cresa’s release said. Gene Sachs, Rich Rhodes and Dan Silverman represented the buyer in the deal.
FINANCING
Orr Partners secured a $60M construction loan from Pacific Life and broke ground on a 231-unit multifamily building at 1020 N. Irving St. in Clarendon, Bisnow first reported Tuesday. The project, with a $100M total cost, is a partnership with property owner P&H Investments and has other equity investors that Orr Partners CEO David Orr declined to name. It is being built on the site of Joyce Motors, an auto shop that operated for 85 years before closing in October. The project will retain the shop’s facade. A CBRE team led by Vice Chair Maxi Leachman brokered the deal.
PERSONNEL
Residential real estate developer Van Metre Cos. named a new CEO: Mike Dunleavy. The company announced Wednesday he would be taking over the role from Rick Rabil, who is retiring after nearly 20 years leading the company. Dunleavy has been with Van Metre since 2018, most recently serving as chief financial officer since March 2024, according to his LinkedIn page. Before joining the firm, he was a manager at Capital CFO LLC.
