ING Clarion was represented by Eric Berkman of Grubb & Ellis Co. The buildings are expected to provide the new owner with a reliable income stream as they are fully stabilized with strong-credit tenants, according to Jeff Hanson, president and CEO of Grubb & Ellis Realty Investors. "These buildings have a strong historical occupancy in the expanding WesTech Business Park, and we expect them to provide our investor with capital preservation and growth over the projected hold period."
Completed in 2000 and 2002, TecHill I & II are both class A office buildings located at 12211 and 12215 Plum Orchard Rd. The three-story buildings are fully leased to two major tenants, 3M Health Information Systems and Children's Hospital. The average floor plan totals approximately 22,000 sf, which can be divided into 5,000-sf suites. There is on-site parking for 531 spaces.
They are located in WesTech Business Park, a 200-acre mixed-use commercial park, which is undergoing new development activity. Adventist Hospital is relocating its Tacoma Park hospital to a 49-acre site next to TecHill I & II. The new 300-bed hospital will be more than 600,000 sf. The Food and Drug Administration is also building a 2.3-million-sf, 130-acre campus two miles from TecHill I & II.
In February, a private investor acquired a building in the DC metro area through the Grubb & Ellis Wealth Management program--a four-story, 233,000-sf building in Frederick, MD.
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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.
