ALEXANDRIA, VA-Ownership of the 54,000-sf office building at 5510 Cherokee Ave. has changed hands in a recent deal between seller Bedminster, NJ-headquartered Advance Realty Group and buyer, Oekos Management Corp. Located off I-95 on a 2.4-acre parcel, the 17-year-old brick facility offers three floors of class A office space. The financial terms of the deal have not been disclosed. Fairfax County records indicate that the property carries a 2002 assessed value of nearly $5.6 million.

Advance played a dual role of sorts in the transaction, as Oekos Management is a joint venture between Advance Realty Group and Citibank. Advance represented itself as the seller, while Transwestern Commercial Services was responsible for procuring the buyer. Advance acquired the building, known as Cherokee Business Center, two years ago for approximately $4.8 million. “We are pleased to have worked in conjunction with Citibank on both the purchase and sale of Cherokee Business Center,” says Advance senior vice president and regional managing director David J. Fisher. “This transaction reflects our ability to successfully reposition properties and create significant value for our partners and ourselves. We plan to continue to actively invest in the local marketplace.”

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