"We are in aggressive acquisition mode right now," Sutton says.The company has an additional $50 million of industrial and officeproperty acquisitions in the pipeline, the completion of which heexpects will be announced within 45 days. Once those aredeals--none of which are DC area properties, Sutton says--arefinalized, the company will be seeking to invest the remainder ofthe $125 million. Including 444 North Frederick Ave, ScheerPartners has already acquired some $66 million in assets thisyear.

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

"We are looking at fully stabilized office, industrial, flex andretail from Philadelphia down to Naples, FL." The Gaithersburgacquisition, however, is a reposition play, Sutton explains. Thefour-story office building, totaling 71,200 sf will be renamed"Tri-4 Office Centre" and will undergo a comprehensive multimilliondollar renovation and conversion to class A, small-suite officecondominiums. Scheer Partners will handle the marketing, which willinclude both sales as well as leasing. Renovations will include anew lobby, common areas, restrooms, roof and HVAC. "The smalltenant orientation and unique amenities package included is thefirst of its kind in this market and we believe it will be verywell received," he says. Scheer and Ronald D. Paul were representedin-house, while Bernie McCarthy of Jones Lang LaSalle representedMatan.