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by CareyBot

Grubb & Ellis Realty Investors LLC this week announced the acquisition of 5202 Presidents Court in Frederick, Md., on behalf of a private investor participating in the Grubb & Ellis Wealth Management program. The value of the transaction was not disclosed. The property is a four-story, approximately 233,000-square-foot, institutional-grade office building. Built in 1998 on nearly 24 acres, the property is surrounded by numerous amenities, including the city's largest shopping center, six hotels, a fitness center, and a day-care facility. The asset, sold by FSP-Presidents Court LLC, includes a surface lot with 995 parking spaces for a parking ratio of 4.54 spaces per 1,000 square feet. At the time of sale, 5202 Presidents Court was 96 percent leased by numerous tenan...