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ROCKVILLE, MD-Scheer Partners’ plans to make an additional $125 million in acquisitions this year on the east coast, principal Joe Sutton tells GlobeSt.com. The firm has just completed a $17-million joint venture with the Ronald D. Paul Cos. to acquire 444 North Frederick Ave. in Gaithersburg from the Matan Cos.

“We are in aggressive acquisition mode right now,” Sutton says. The company has an additional $50 million of industrial and office property acquisitions in the pipeline, the completion of which he expects will be announced within 45 days. Once those are deals–none of which are DC area properties, Sutton says–are finalized, the company will be seeking to invest the remainder of the $125 million. Including 444 North Frederick Ave, Scheer Partners has already acquired some $66 million in assets this year.

It acquired One Town Center, 4301 North View Dr. in Bowie for $24 million and 6245 Leesburg Pike in Falls Church, for $25 million. These properties were then packaged for a TIC transaction managed by Omni Brokerage, according to Sutton. The bulk of the additional acquisitions Scheer plans to make this year will also be TIC transactions, he adds.

“We are looking at fully stabilized office, industrial, flex and retail from Philadelphia down to Naples, FL.” The Gaithersburg acquisition, however, is a reposition play, Sutton explains. The four-story office building, totaling 71,200 sf will be renamed “Tri-4 Office Centre” and will undergo a comprehensive multimillion dollar renovation and conversion to class A, small-suite office condominiums. Scheer Partners will handle the marketing, which will include both sales as well as leasing. Renovations will include a new lobby, common areas, restrooms, roof and HVAC. “The small tenant orientation and unique amenities package included is the first of its kind in this market and we believe it will be very well received,” he says. Scheer and Ronald D. Paul were represented in-house, while Bernie McCarthy of Jones Lang LaSalle represented Matan.

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