X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LANDOVER, MD- Metro-Plex I & II, accounting for nearly 300,000 sf of class A office space, have landed in a new portfolio. In a recent deal, a joint venture consisting of Meritage Properties LLC and Buchanan Partners LLC became the buildings’ new owners, buying the properties from MGP Real Estate LLC for a reported price in the area of $40 million.

Together, Metro-Plex I & II have a current assessed value of $22 million. Real estate services firm Cassidy & Pinkard facilitated the disposition on behalf of MGP, and Advantis/GVA stood in for the buyers. Ownership of the structures last changed hands four years ago in a deal that commanded an aggregate $31 million for the seller.

Located off the I-495 and Rte. 50 interchange, Metro-Plex I & II sit on nine acres just a stone’s throw from the New Carrollton Metro Station. Carrying the address of 8401 Corporate Dr., the 24-year-old Metro-Plex I features 106,000-sf of space spread out over six floors, while Metro-Plex II, developed in 1982 at 8201 Corporate Dr., boasts 13 floors containing 187,000 sf.

“We plan to continue the prior ownership’s efforts to improve the tenant experience through both cosmetic and behind-the-scenes upgrades, including building systems and operations,” Buchanan Partners principal Brian Benninghoff explains on behalf of the JV. “These improvements may include ‘green’ initiatives, which we are exploring in some of our other properties.” A wide range of occupants make their home at the Metro-Plex compound, including the Mitre Corp., Ultrasound Technical Services School, and the US Department of Labor. CB Richard Ellis markets Metro-Plex office space for about $19.50 to $20.50 per sf.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.