Carr Properties has inked a deal with the American Society of Health-System Pharmacists (ASHSP) to buy the Apex Building at 7272 Wisconsin Ave for $105.5M. Carr plans to demolish the 164,119 SF office building and replace it with a mixed-use development.
Alony Hetz Properties and Investments, Carr's investment partner, reveals the area has the potential for 935k SF of development with offices, housing, commercial space and hotels, CoStar reports.
Carr also agreed to relocate ASHSP's offices to a 68k SF space in its new 226,352 SF office building at 4500 East West Hwy in Bethesda. With ASHSP renting, the building will be 65% occupied. Carr put $5M down for the Apex Building when it signed the agreement last week. It plans to finance the purchase with its own resources and a $53M loan from ASHSP.
The deal is set to close in Q1 2016, pending approval of Carr's development plan and termination of the existing lease agreement. [CoStar]
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