ROCKVILLE, MD-A Houston-based company, Hanover Co., has acquired 6.9 acres at Shady Grove Executive Center once zoned for offices with an eye to developing 366 apartment units there. The seller of the land was the Meridian Group, which recently made headlines with the recent closing of its acquisition of three buildings at Science Applications International Corp.'s 18-acre corporate headquarters campus.
The property, now rezoned for residential use, traded for $16 million. "We had tremendous interest in this property thanks to its ideal location," Meridian Management Director Gary Block says in a prepared statement. "Meridian and Hanover worked well together and hammered out a very good deal."
Meridian sold five buildings at the Shady Grove Executive Center in 2003 but kept two development sites along with a parking structure. The company then pushed through the re-entitlement process to change the use via both an amendment to the County Master Plan and a rezoning. The company then marketed the re-entitled sites for sale to residential developers.
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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.
