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ALEXANDRIA, VA-Ownership of an office and retail facility known as Summit Centre has changed hands in a recent $23.4-million transaction. With the assistance of Andy Stape, Wes Scott, Bob Filley, and Joe Friedman of Transwestern Commercial Services’ Asset Investment Sales Group, Cobourg Pointe Development LLC sold the 115,000-sf building to MGP Real Estate for $205 per sf.

Cobourg Pointe is walking away with a tidy profit, having acquired the Summit Centre just two years ago for $16.5 million. According to Alexandria records, the property has a current assessed value of a little over $17 million.

Summit Centre, developed in 1985 on a 3.6-acre parcel at 4700 King St., encompasses a five-story 77,000-sf office structure, a 38,000-sf single-story retail segment, and more than 340 surface parking spaces for use by both office and retail tenants. Offices of the US Department of the Army occupy the entire office portion of the property, while such establishments as TGI Fridays with 9,600 sf and Domino’s Pizza with nearly 2,200 sf serve as the retail anchors. Sylvan Learning Center, Check ‘N Go, a chiropractor’s office, dry cleaners, wireless phone store and several other shops also make their home in the retail section where Morristown, NJ-headquartered Lamar Cos. handles the leasing activity.

At $205 per sf, the sale price of Summit Centre is well above the average cost for class B office properties in Northern Virginia as of mid-year; its additional retail offering and government tenancy are likely causes of the increase. According to Advantis Real Estate Services Co.’s Mid-Year 2004 Office Report, the average class B property sale figure is $156.34 per sf.

MGP Real Estate was hardly alone in its desire to acquire the property. “Anytime you throw out a building with a US government lease, it gets a lot of attention,” Friedman tells GlobeSt.com. “So, it was a competitive bidding process.”

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