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Private Investor Acquires Silver Spring Offices

SILVER SPRING, MD-Investors in the Grubb & Ellis Wealth Management program are snapping up DC area real estate.

By Erika Morphy | Updated on April 02, 2008

SILVER SPRING, MD-A private investor in Grubb & Ellis’ Wealth Management program has acquired two office buildings here for an undisclosed price. TechHill I & II are each 71,500 sf, totaling 143,000 sf on 7.4 acres of land. Grubb & Ellis Realty Investors acquired the property from ING Clarion Partners, which sold the property on behalf of an institutional client.

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.

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