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SILVER SPRING, MD-Ownership of the Summit Building, an 80,000-sf office structure built in 1964, has changed hands in an $8.25 million deal. Minshall Stewart Properties sold the building to Peel Properties Inc. The property–which has a current assessed value of just over $5.3 million–was last on the market in 1997 when it sold for $3.6 million.

Located in the heart of Silver Spring’s Central Business District, the Summit Building has continued to stand the test of time, no doubt assisted by a large renovation project in 1999. The eight-story office property has a mixed tenant base and is home to such occupants as Burns International, Stuckey’s, and the National Council for Social Studies, which committed to 5,500 sf of space under a 10-year lease in 2001.

According to real estate services firm Insignia/ESG Capital Advisors Group, which represented Minshall in the disposition, the property commanded a great deal of attention once it hit the market. “The Silver Spring sub-market has, after several false starts, hit its stride and is rapidly moving towards its potential as a vibrant mixed-use community,” Insignia/ESG senior managing director Rick Siegel explains.

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