The Prince George’s County Association of Realtors recently announced the purchase of a building, in Landover, Md., slated to become its permanent headquarters by the summer of 2017.
The building, purchased in early December, is located at 8300 Corporate Drive in the New Carrollton Metro Center, is approximately 19,515 square feet and located near Route 50 and Interstate 495 in the county.
“We’re excited. This is really a big deal for us – to own our own home,” Patricia Dowtin, president of the association, told the AFRO Dec. 14.
Until renovation on the new property is complete, the organization will stay at the site it is renting in Largo, Md.
“It is better to own then rent. We wanted a permanent home for our members. We practice what we preach,” Dowtin said.
According to Michael Graziano, executive vice president, owning property is important because it lets the organization become stakeholders in the community and grows equity, creating a tangible asset for the association.
Currently, half of the building is being renovated for the Realtors association’s office space. In the future the association plans to lease the other half of the building, located in a mixed use zone, to offset any property debt, Graziano said.
“The fact that it is a mixed use zone that we just purchased in is an added benefit of the location of our new headquarters,” he said, referring to the fact that it allows them to broaden their scope and lease to a range of different establishments – residential, business or retail.
Graziano said the organization’s leadership has been planning the purchase since 2014.