GAITHERSBURG, MD-A source has told GlobeSt.com that one of the local REO assets that traded to CIM Group-the Montvale Center-sold for $12 million, or $97 per square foot.
Located at 18310 Montgomery Village Ave., the 123,689-square foot, seven-story building delivered in 1987.
Briefly, as we reported yesterday, Los Angeles-based CIM Group acquired a seven-asset portfolio largely based in California, except for two Maryland assets—the Montvale Center and a non-performing loan secured by 270 Technology Park, a 440,000-square foot office campus in Frederick, MD.
In our earlier coverage we noted that 270 Technology Park was part of a $350 million purchase of a 3-milion square-foot portfolio of office and warehouse assets by AP AG Portfolio, LLC from Washington Real Estate Investment Trust in 2011. However, we have since learned that these particular assets were not the ones acquired by CIM, but rather another set of properties within 270 Technology Park.
CIM Group's transaction was part of CWCAM's larger REO and non-performing asset portfolio sale with 67 total assets valued at $2.57 billion. Read here for further coverage of this transaction.
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