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172,000-SF Industrial Portfolio Trades Hands

LEXINGTON PARK, MD-The new owner plans to reposition its new value-add asset by releasing and repositioning some of the buildings.

By Erika Morphy | Updated on March 24, 2008

LEXINGTON PARK, MD-Triple Net Properties, now owned by Grubb & Ellis Realty Investors, has sold off another piece of its G REIT portfolio: the Pax River Office Park, a 172,000-sf, seven-building portfolio in Lexington Park. Andy Stape, Joe Friedman, Will Wheeler and Mat Adler of Transwestern’s Asset Investment Sales Group brokered the sale.

This was a value-add play for the buyer, which is an East Coast-based company that represents investors, according to Friedman. The seven buildings, a mix of office, flex, and industrial uses, are only 84% leased. However the mix of tenants is decidedly investment grade, with such high-profile companies as the US Department of the Navy, Lockheed Martin, CACI, Serco and SAIC occupying space there. These firms service the nearby Patuxent River Naval Air Station in St. Mary’s County.

According to the marketing materials for the park, the average total lease commitment of existing tenancies is eight years and tenants that have been in occupancy for longer than one year have expanded their premises by an average of 40% during their tenure.

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