COLLEGE PARK, Md., July 20, 2015 /PRNewswire-USNewswire/ -- The University of Maryland College Park Foundation has purchased .808 acres of land located at 4600 Norwich Rd. in College Park from the Gamma Chi Chapter of the Sigma Chi Fraternity.
"The purchase of this land is a perfect next step in creating a Greater College Park for our community," said Carlo Colella, UMD's vice president for administration and finance. "Located just behind Fraternity Row and adjacent to several on- and off-campus housing units, the land is a natural extension of the University of Maryland campus."
The plan for the land, located at the corner of Norwich Road and Princeton Avenue, includes future housing for university faculty and staff.
"We looked at a wide range of potential buyers and were pleased to connect the seller with the University of Maryland," said Colliers International Baltimore Vice President Colin Penoyar, who brokered the transaction on behalf of the seller. "It's a perfect fit. The seller, as the Sigma Chi Fraternity at the University of Maryland, is loyal to the university and heavily involved. They're excited their former home will contribute to the growth of the university."
Greater College Park ties together the many efforts that support the university's goal of becoming a premier college town. It includes dynamic academic spaces, a vibrant downtown community and a public-private research hub. Greater College Park is the result of collaborative partnerships with Prince George's County, the City of College Park, the University of Maryland College Park Foundation, the College Park City-University Partnership, UMD alumni and local developers.
About the University of Maryland
The University of Maryland is the state's flagship university and one of the nation's preeminent public research universities. A global leader in research, entrepreneurship and innovation, the university is home to more than 37,000 students, 9,000 faculty and staff, and 250 academic programs. Its faculty includes three Nobel laureates, three Pulitzer Prize winners, 47 members of the national academies and scores of Fulbright scholars. The institution has a $1.8 billion operating budget, secures $500 million annually in external research funding and recently completed a $1 billion fundraising campaign. For more information about the University of Maryland, visit www.umd.edu.
About Colliers International Group Inc.
Colliers International Group Inc. (NASDAQ :CIGI ;TSX :CIG ) is a global leader in commercial real estate services with more than 16,300 professionals operating from 502 offices in 67 countries. With an enterprising culture and significant insider ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include brokerage, global corporate solutions, investment sales and capital markets, project management and workplace solutions, property and asset management, consulting, valuation and appraisal services, and customized research and thought leadership. Colliers International has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals' Global Outsourcing for 10 consecutive years, more than any other real estate services firm. For the latest news from Colliers International, visit Colliers.com, or follow us on Twitter (@ColliersIntl) and LinkedIn.
SOURCE University of Maryland