Acquisition is First for Grubb & Ellis Wealth Management Program SANTA ANA, Calif., Feb. 20 /PRNewswire/ -- Grubb & Ellis Realty Investors, LLC announced today the acquisition of 5202 Presidents Court on behalf of a private investor participating in the Grubb & Ellis Wealth Management program. The acquisition closed on Jan. 29, 2008.
"The acquisition of 5202 Presidents Court is the inaugural transaction through the Grubb & Ellis Wealth Management program," said Jeff Hanson, (photo top right) President of Grubb & Ellis Realty Investors. "This unique new investment platform has already secured commitments for approximately $182 million in equity that is currently being deployed into new commercial real estate acquisitions on behalf of Wealth Management participants.
"The Wealth Management program provides comprehensive real estate investment advisory services to high net worth investors. Through the program, Grubb & Ellis Realty Investors offers qualified individuals, entities and corporations the opportunity to benefit from the potential advantages of real estate investment through a passive, sole-ownership vehicle that is professionally managed from initial deal sourcing through ultimate disposition."
The Wealth Management program is open to all qualified investors seeking sole-ownership of a customized commercial real estate portfolio, whether it be comprised of a single property or a collection of diversified assets.5202 Presidents Court is a four-story, approximately 233,000-square-foot, institutional-grade office building in Frederick, Md.
Built in 1998 on nearly 24 acres, the property is surrounded by numerous amenities, including the city's largest shopping center, six hotels, a fitness center, and a day-care facility. 5202 Presidents Court offers convenient access to Interstate 270, which connects Frederick with the metropolitan suburbs of Washington, D.C.The property includes a surface lot with 995 parking spaces for a parking ratio of 4.54 spaces per 1,000 square feet.
5202 Presidents Court is 96 percent leased by numerous tenants, including JP Morgan Chase, Bechtel Power Corporation and Science Applications International Corporation.5202 Presidents Court was acquired from FSP-Presidents Court LLC, a Fountain Square Properties managed entity, which was represented by Eric Berkman of Grubb & Ellis Company.
CONTACT:
Janice McDill,
+1-312-698-6707,
or
Jill Swartz,
+1-714-667-8252, ext. 251
both of Grubb & Ellis
Web site:
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