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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.

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