Avison Young has been retained by ACS Edmonston Investment as exclusive advisor in the sale of its four-building office park located in the Greater DC office market of Beltsville, Md.
Back in March, Avison Young represented Brandywine Realty Trust in the successful sale of Calverton Office Park to ACS. The new owner now retains the same broker and is looking to sell the buildings separately in order to maximize returns.
The Park, made up of three office buildings and a daycare center, encompasses 307,000 square feet of Class B Beltsville, MD office space that come with a parking ratio averaging 3/1,000 square feet.
images courtesy of Yardi Matrix
Avison Young Principals Chip Ryan, Jim Kornick and Niel Beggy are overseeing the sale and it seems to be going very well so far. Calverton III was already sold and two other buildings are under contract. The 10-story, 129,000-square-foot office building located at 11720 Beltsville Drive was purchased by Shaw Real Estate, for an undisclosed price.
Calverton I at 11700 Beltsville Drive and Calverton IV at 11740 Beltsville Drive are under contract.
- Calverton I is a six-story, 97,000-square-foot Class B office building located on a 6-acre lot and it boasts the FBI on its tenant roster.
- Calverton IV is located on 3.1 acres, shares parking with the already-sold Calverton III office building, and is fully leased to KinderCare Learning Center.
The one building that is still available is Calverton II, located at 11710 Beltsville Drive. The 81,000-square-foot Class B office building is five stories tall and was originally built in 1982. The lot is 6.3 acres and comes with 244 parking spaces.
Avison Young’s Chip Ryan explained why the company has great confidence in the success of this offering, on the market: “This is an excellent opportunity to invest in a superbly located property in an amenity-rich environment. Each of these buildings has tremendous upside and is well-positioned for success. This area is enjoying an upswing, with leasing activity on the rise from both public and private tenants. 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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