After acquiring a Prince George's County office park in March, an investor immediately put the property back on the market and has already found new buyers.
ACS Edmonston Investment LLC bought the Calverton Office Park in March from Brandywine Realty Trust. The Beltsville park includes three office buildings and a day care center.
After acquiring the office park, ACS retained Avison Young, which had marketed the property for Brandywine, to look for new buyers. It chose to sell the buildings separately rather than as one portfolio to maximize returns.
The broker has since sold one of the buildings and has two more under contract. The first building, a 129K SF office at 11720 Beltsville Drive, sold to Shaw Real Estate for an undisclosed price. The 97K SF office building at 11700 Beltsville Drive and the 7K SF day care center are under contract to be sold. Avison Young is still marketing the 81K SF office building at 11710 Beltsville Drive.
“This area is enjoying an upswing, with leasing activity on the rise from both public and private tenants,” said Avison Young principal Chip Ryan, who is marketing the property with Jim Kornick and Niel Beggy. “In addition, no new buildings are planned for the area, and the demographics here are very attractive. As a result, we expect considerable interest from investors and other potential buyers.”
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