AMB relied on the assistance of real estate services firm Holliday Fenoglio Fowler LP to market the site. Financial terms of the transaction have not been released; however, according to Manekin LLC's Top Ten Real Estate Predictions for 2005, "the ownership is considering an offer in the 8 to 8.25% CAP range."
Located right off Interstate 270, 270 Technology Park's buildings were developed between 1986 and 1992. The portfolio that just changed hands consists of structures ranging from nearly 15,000 sf to approximately 75,000 sf. Portfolio tenants include Wells Fargo Home Mortgage, Aeroflex/Weinschel, General Dynamics and SAIC. "This sale represented an opportunity to acquire a well-located business park that is substantially leased to an excellent credit tenant base and ideally situated in the Washington, DC region, one of the most desired real estate investment markets in the country," says HFF's Stephen Conley, who represented the seller along with colleagues John Duffy and Dan McIntyre.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.