Matan Cos., through its Matan Fund IV, has acquired Milestone Business Park, a 42-acre campus in Germantown, Md., from Multi-Employer Property Trust for $128 million.
Cassidy Turley represented the seller in the transaction.
Located directly off Interstate 270 at the Father Hurley Boulevard exit, Milestone Business Park is comprised of three office buildings, one flex building, and additional development potential. Its existing 635,272 square feet of commercial space is currently 85 percent leased to several national organizations.
“It was the highest quality product in that submarket with creditworthy tenancy,” Jud Ryan, Cassidy Turley’s executive managing director, told Commercial Property Executive. “Direct visibility off I-270 was a major plus and large retail project across the street anchored by a Wegmans is a big boost for the market.”
During MEPT’s ownership, Bentall Kennedy successfully managed the development of two office buildings, comprising approximately 319,000 square feet, turning the asset into a best-in-class business park in Montgomery County. According to Ryan, cap rates compressing in the suburbs made this the right time for MEPT to sell.
The business park is less than 20 miles from downtown Washington, D.C., and is one of the newest office campuses in Montgomery County, with its newest buildings completed in 2012.
The three office buildings have achieved the U.S. Green Building Council Leadership in Energy and Environmental Design certification.
Paul Collins, Bill Collins, Drew Flood, Ryan and James Cassidy of Cassidy Turley represented MEPT and its real estate advisor, Bentall Kennedy, in the sale.