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.
Greenbaum and Rose sold the Research Boulevard property, and Sullivan Properties sold the Research Place site.
“Both of these properties met particular needs for their respective buyers,” said Jim Meisel, executive director in the D.C. office of GVA Advantis. “2301 Research Boulevard satisfied a 1031 tax-free exchange for Guardian Realty, and 4 Research Place marked a value-add opportunity for Washington Property Company.”
GVA Advantis is a full-service real estate firm that leases, manages and sells office, industrial, retail and other commercial real estate projects and sites located throughout the Southeast and Mid-Atlantic.
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