Constellation Centre Sells for $28M

OXON HILL, MD-In a $28.4-million transaction, Constellation Centre has found a new owner in Federal Acquisition Partners. The discretionary investment fund acquired the property–which consists of a 178,700-sf office facility, a 3,000-sf bank building, a 225-space parking area along with exclusive use of a 413-space parking facility and two vacant parcels–from Investment St. Barnabas LLC, Investment Unit 5 CCC, LLC and Investment Unit 7 CCC LLC, who were represented by Grubb & Ellis Co.’s Eric Berkman and Steve Gichner.

Located off the Capitol Beltway in Prince George’s County, Constellation Centre boasts a 100% occupancy level with offices of the federal government occupying 70% of the under a lease that will not expire until April 1, 2007. Among the government tenants are the Internal Revenue Service’s office of Procurement Operations and the IRS’s Treasury Acquisition Institute.