The Holiday Fenoglio Fowler LP investment sales team was led by HFF's Jim Meisel, Dek Potts and Andrew Pulliam, who marketed the property on behalf of the Artery Group. It was purchased free of debt.
[IMGCAP(2)]The 276,191-sf building is 94% leased. Tenants include Linowes & Blocher law firm, Cambridge Information Group, PNC Financial, University Research, Edens & Avant, Greystone Servicing Corp. and the Artery Group. Located at 7200 Wisconsin Ave., the building is within two blocks of the Bethesda Metro Station and next to Bethesda Row, a 280,000-sf retail development.
"It's a premier location in an extremely good suburban submarket," Meisel tells GlobeSt.com. JBG, along with Federal Realty, has plans to develop a mixed-use complex in the neighborhood called Woodmont East. The purchase of Artery Plaza, he says, is expected to help facilitate its plans.
This development--still in the planning stages--includes hotel, retail space, office and residential units, and was first met with successful opposition from local civic groups. The two companies presented changes to their original concept at a public forum in Bethesda this month that were more favorably received. A larger public use space brought forward to street and a larger setback for the hotel were among the changes, as was a smaller connector between the hotel and residential space.
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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.
