Carrying the addresses of 8903 and 8905 Presidential Parkway, Plaza I & II sit off the Capital Beltway and were developed in 1989 and 1991, respectively. The two-structure portfolio--which was 92% leased at the time of the transaction--consists of 189,000 sf of office space and 10,700 sf of storage space, in addition to a parking structure for more than 500 vehicles.
The Grubb & Ellis Co. team of Eric Berkman, Steve Gichner, Brian MacDonald and Juliana Ko orchestrated the sale on behalf of G & I IV. "The building is well positioned to take advantage of the long term viability of Prince George's County, which makes it an ideal investment," Girchner says.
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