"We are seeing more activity in Frederick market," reports Manekin LLC associate Liz Martin. "There have been two significant deals here in the last six months, which is a lot for the area," she tells GlobeSt.com.
Manekin Investment Services Senior Associate Don Schline and Martin represented the seller, an entity called Westview LLLP, in the transaction.
Westview Corporate Campus consists of 5255, 5265, 5275, 5285 and 5295 Westview Dr, which is located off the 1-270 interchange with Buckeystown Pike. The buildings are located on a 33.59-acre plot. With 2,200 of its employees operating there, Bechtel Power Corp. occupies the entire portfolio.
Other notable transactions in Frederick include the $26.5-million trade of five single-story office/flex buildings in the 270 Technology Park in February, as reported by GlobeSt.com.
Manekin's Schline represented both the buyer, Washington Real Estate Investment Trust (WRIT), and seller, Maverick Dudrow, LLC, in that deal.
Other recent activity in the submarket include Matan Cos' acquisition of a 180,000-sf industrial facility for $15.5 million from Ruppert Properties; and St. John Properties' $40-million flex/office park, which has an expected delivery date of Q4 2007.
The Westview Corporate Campus transaction is a milestone sale for Frederick, according to Schline, who points to the 6.5% cap rate. Institutional demand for the portfolio was very competitive with bids coming in from advisors, REITs and private equity sources, he adds.
Manekin developed the buildings from 1998 to 2001. They feature brick with ribbon glass exteriors and glass curtain wall entrances. Four are connected with glass walkways. Building 2, which is 38,371 sf, houses the main reception and security areas, as well as conference facilities and a commercial cafeteria run by Sodexho.
Building 1 is 123,098 sf; Building 3, 82,205 sf; Building 4, 82,205 sf; and Building 5, 123,098 sf.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
