Local investors sink cash into Mid-Atlantic office buildings

1031 exchange used in one deal

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Advantis Real Estate Services Co., a partner in GVA Worldwide (GVA Advantis), negotiated two recent investment sale transactions involving properties in Rockville, Md. The total value of the transactions was approximately $31.3 million. The first property, located at 2301 Research Blvd., sold for $18.5 million to Guardian Realty, a local owner and manager of office buildings in the Washington D.C. metro area. Originally constructed in 1973 and substantially renovated in 1998, this three-story, 93,600-square-foot office building was fully leased at closing to major tenants such as Association & Society Insurance Corp. and Lexmark International. The second property, located at 4 Research Place, sold for approximately $12.8 million to Washington Property Group, a local investment firm. The property, built in 1969, is a three-story, 77,334-square-foot office building located in the North Rockville submarket of Montgomery County. The property was 40 percent occupied at closing. Gre...