ROCKVILLE, MD—True North Management Group of White Plains, NY, has acquired Blackwell II from special servicer LNR Partners. The company paid $17.2 million for the 101,296-square foot building.
CBRE's Michael Blunt, Randall Heilig, and Ben Powell advised LNR in the transaction.
Built in 2001, Blackwell Two is 75% leased to Shady Grove Fertility, Dataprise, Eagle Bank and Foulger-Pratt.
CBRE's Institutional Properties team also handled the sale of Blackwell I, located at 9601 Blackwell Rd.
Despite Blackwell Two going into special servicing the property is still attractive to those investors that focus on value-add suburban office investments, says Blunt, in a prepared statement. "This sale also is clear vote of confidence for strategically located office buildings within Montgomery County," he continues. "In this case, the significant demand drivers are Shady Grove Adventist Hospital and the life sciences industry within the North Rockville submarket."
The property is located at 9600 Blackwell Road and is adjacent to the Shady Grove Adventist Hospital and the new National Cancer Institute on Johns Hopkins' life science campus.
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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.
