Maryland office space fetches $22.5 million
Investment expected to benefit from local economy
By Inman News, Tuesday, March 7, 2006.Grubb & Ellis Co. arranged the sale of Washington Plaza I & II, a 199,721-square-foot office complex in Upper Marlboro, Md., for $22.5 million.
The class A property, located at 8903 and 8905 Presidential Parkway, was 92 percent leased at the time of the sale.
G&I IV Washington Plaza LLC, an affiliate of DRA Advisors LLC and MGP, sold the property to MTM Builder Developer.
"This sale signals MTM's continued interest in assets in Prince George's County," said Steve Gichner, senior vice president of Grubb & Ellis. "The building is well positioned to take advantage of the long-term viability of Prince George's County, which makes it an ideal investment."
Grubb & Ellis Co. is a full-service commercial real estate organization operating worldwide.
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