NorthMarq Sells Landmark Professional Building in Alexandria, Va.
BETHESDA, MD, (June 23, 2009) — NorthMarq, a
Minnesota-based commercial real estate services
company with an investment sales office in Bethesda,
Md., announced today that it has sold the
seven-story Landmark Professional Building for $10.8
million in an off-market transaction.
“NorthMarq has entered the business of investment sales on a national
basis,” said
Ed Padilla, CEO-NorthMarq Capital. “During volatile market cycles when
other industry players retreat and retrench, we're growing. We are privately
held, well-capitalized, and intent on expanding into strategic markets like
Washington, D.C.”
Jim Kornick and
Jerry Burg, both NorthMarq senior vice presidents – Investment Services,
and
Matt Clinebell, vice president – Investment Services, brokered the sale
of the medical office building.
"The sale of this building demonstrates the relative strength of the
medical office market during a period of limited investment sales and
limited debt availability,” said Kornick.
JAG Associates, LLC, purchased Landmark Professional Building, located at
5249 Duke Street in Alexandria, Va. With 60,432 square-feet and 30 tenants,
the building is 90 percent occupied. With the new owner moving into
approximately 3,500 square feet of space later this year, Landmark
Professional Building will be nearly 100 percent occupied, Kornick said.
Landmark Professional Building was built in 1970 and was last renovated
in the late 1980s. JAG Associates plans on further renovations to update the
facility.
About NorthMarq
NorthMarq offers a full range of commercial real estate solutions from its
headquarters in Minneapolis, Minn. NorthMarq provides brokerage, property
management and corporate solutions to investors, corporations and occupiers.
The NorthMarq Capital group offers commercial real estate investment
banking, investment services, real estate debt and equity financing, and
commercial loan servicing in 31 offices coast-to-coast, with an average of
$10 billion in annual production volume and services a loan portfolio of
more than $37 billion. For more information, please visit www.northmarq.com.
Contact:
Martha Nevanen
952.893.7539
martha.nevanen@marquettere.com
David Dozier
214.744.2800