Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that it represented Multi-Employer Property Trust (MEPT) in the sale of Milestone Business Park located in Germantown, MD. Purchased by Matan Fund IV (Matan Companies) for $128.4 million, Milestone Business Park is a 41.8 acre campus comprised of three office buildings, one flex building, and additional development potential. The existing 635,272 square feet of commercial space is 85% leased to several national organizations.
Paul Collins, Bill Collins, Jud Ryan, Drew Flood and James Cassidy of Cassidy Turley represented MEPT and its real estate advisor, Bentall Kennedy, in the sale of Milestone Business Park.
“Milestone Business Park is considered one of the top business parks in all of Montgomery County,” said Mr. Ryan, Executive Managing Director. “During MEPT’s ownership, Bentall Kennedy successfully managed the development of two office buildings, approximately 319,000 square feet, turning the asset into the best-in-class business park that it is today.”
Milestone Business Park is located directly off Interstate 270 at the Father Hurley Boulevard exit. The three office buildings have achieved the U.S. Green Building Council Leadership in Energy & Environmental Design (LEED®) certification.
Multi-Employer Property Trust (MEPT.com) is a $5.4 billion, open-end commingled real estate equity fund that invests in a diversified portfolio of institutional-quality real estate assets in 27 major metropolitan markets across the U.S. Founded in 1982, MEPT is owned by more than 300 multi-employer and public employee pension plans and is managed by three firms: NewTower Trust Company (newtowertrust.com), of Bethesda, Maryland serves as the trustee of the Fund; Bentall Kennedy serves as the exclusive real estate investment advisor to MEPT; Landon Butler & Company, LP® (lbutler.com) of Washington, D.C. provides investor relations and marketing services to MEPT.
About Bentall Kennedy
Bentall Kennedy (bentallkennedy.com) is one of North America’s largest real estate investment advisors and one of its foremost providers of real estate services. Bentall Kennedy serves the interests of more than 500 clients and their 145 million square feet of office, retail, industrial, and apartment properties totaling more than $30 billion throughout Canada and the U.S.
Bentall Kennedy has a 100 year track record of delivering superior returns and a reputation for integrity, innovation and creating value. Bentall Kennedy is a member of UN PRI and is a recognized global leader in Responsible Property Investing. Bentall Kennedy includes Bentall Kennedy (Canada) Limited Partnership and Bentall Kennedy (U.S.) Limited Partnership.
About Matan Companies
Headquartered in Suburban Maryland for over 35 years, Matan Companies (mataninc.com) is one of the region’s premier commercial real estate and development firms. Matan’s primary geographic focus is the Washington area suburbs. Matan’s current portfolio consists of over 4 million square feet of office/industrial assets with 3 million square feet in the development pipeline, several active residential developments, and a separate portfolio of multifamily units.
About Cassidy Turley
Cassidy Turley (cassidyturley.com) is a leading commercial real estate services provider with more than 3,800 professionals in more than 60 offices nationwide. With headquarters in Washington, DC, the company represents a wide range of clients from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2012, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 23,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets.