High-net investor buys at Presidents Court

Acquisition is first for Grubb & Ellis Wealth Management program

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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 tenants, including JP Morgan Chase, Bechtel Power Corp. and Science Applications International Corp. ...