Advantis Real Estate Services Co., a partner in GVA Worldwide, arranged the recent sales of three East Coast properties totaling more than 834,000 square feet.
The total value of the transactions was $80 million.
Milestone Industrial LLC transferred the Milestone Business Park, located in Germantown, Md., to Kennedy Associates Real Estate Counsel Inc., an institutional real estate investment advisor headquartered in Seattle. The business park is comprised of a 133,140-square-foot manufacturing building, a 183,198-square-foot office building and 450,000 square feet of additional future development potential.
Meritage Properties sold a majority interest in 475 School St., SW, located in Washington, D.C., for approximately $17.8 million. Potts and Meisel completed the placement of equity on behalf of a local family partnership in order to satisfy a Section 1031 tax-deferred exchange. The family used proceeds from their recent sale of the Hertz site at 11th and New York Avenue to buy a majority interest in 475 School St. Constructed in 1968 and completely renovated in 1996, this five-story office building totals 57,759 rentable square feet and was 100 percent leased on a long-term basis to Northrop Grumman at the time of sale.
The Snack Food Association sold 1711 King St., located in Alexandria, Va., for $2.7 million to The Wharco Realty Group, a local real estate investment and management company. Constructed in 1983, the 9,215-square-foot office building will be 100 percent occupied by the seller on a short-term basis.
Advantis/GVA is a full-service real estate firm that leases, manages and sells office, industrial, retail and other commercial real estate projects and sites.
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