FREDERICK, MD—Atlas Real Estate Partners of NewYork City and the locally-based West End CapitalGroup have acquired their fourth building in the area withits purchase of the Patrick Center here. The66,000-square foot building traded at an undisclosed price fromFirst Potomac Realty Trust, which mentioned the pending deal in an earlierinvestor call with shareholders.
The four local properties the two buyers, which joined forces last year to focus on investment opportunitiesin the Mid-Atlantic, have acquired over the last sixmonth total some $60 million in deal value.
Tenants in the JV's latest acquisition include Morgan Stanley,Merrill Lynch, and Miles & Stockbridge among others. Theacquisition was financed with a 5-year fixed-rate loan throughDC-based Eagle Bank.
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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.
