GERMANTOWN, MD-Several days ago GlobeSt.com reported Matan Cos.’ acquisition of the Milestone Business Park here for $128.4 million. This morning Cassidy Turley announced Bill Collins, Paul Collins, Jud Ryan, Drew Flood and James Cassidy represented the seller, Multi-Employer Property Trust and its real estate advisor, Bentall Kennedy, in the trade.
In a prepared statement, Ryan noted that during MEPT’s ownership, Bentall Kennedy managed the development of two office buildings, approximately 319,000 square feet.
According to public records the sale includes four office buildings in Milestone Business Park – Buildings No. 1, 2, 4 and 5. They total approximately 625,000 square with additional FAR for several multifamily and office development. The portfolio is 82% occupied.
Matan purchased the portfolio through its Matan Fund IV.
This acquisition, along with a separate acquisition of a suburban office building by Federal Capital Partners earlier this month, raises the question of whether suburban office making a comeback, at least among value-add local buyers.