Asset Capital Corp. was represented by Jim Kornick, Jerry Burg and Matt Clinebell, brokers with Marcus & Millichap at the time of the transaction. The trio has since moved to NorthMarq Investment Services in Bethesda. The closing, which took several months because of the debt assumption, was finalized recently.
With a 35% vacancy rate, the development, called Countryside Professional Office Park, is a value-add play for its new owner. The venture plans to invest "millions" in the property's rehabilitation, Kornick tells GlobeSt.com. The park also houses office condos and a surgery center, making it ideal for small medical offices or similarly-sized tenants, he says. The group's lease-up strategy includes an aggressive market outreach plan to advertise it is under new ownership, Kornick says. Visible on Route 7, the office park was built in the late 1980s.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
