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Glenrock Trades 'Fish For A Whale'

ROCKVILLE, MD—In 1031 exchange, Glenrock has sold a shopping center and picked up a class A office property.

By Erika Morphy | Updated on December 07, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

ROCKVILLE, MD—Two properties here, a 62,000 sf shopping center and a 251,593 sf class A office building, have traded hands through a 1031 transaction. Local investment group Glenrock Joint Venture sold Travilah Square Shopping center, located at 10016-10072 Darnestown Rd., for $22.1 million. As typical in a 1031, it then formed WM&D LLC to purchase Gateway Office Tower, located at 401 N. Washington St., for $70 million.

The buyer of the shopping center and the seller of the Gateway Office Tower were undisclosed, although a source says that the off-market office sale was part of a portfolio acquired by an institutional investor this summer.

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