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Article: Prince George's Takes Off; Tired of High Prices, Many Investors Find Big-Time Bargains
- Article from:
- The Washington Post
- Article date:
- August 9, 2004
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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This summer Andrew O. Eshelman bid $22.5 million for a 300,000-
square-foot warehouse in Landover, half a million dollars over the
asking price.
At least half a dozen other investors beat his offer. Just a few
years ago, the sale would have drawn hardly anyone.
"I couldn't believe it," said Eshelman, a principal at MGP Real
Estate LLC in Bethesda, a small investor that has been buying office
buildings and warehouses in the Washington area for two decades.
But the interest it drew is a sign that Prince George's County is
changing. For years the county had trouble attracting vibrant retail
centers, upscale housing and other amenities that make businesses
want to move or expand in a region. ...