Preston Partners, Inc. Announces $24.5 Million Disposition of Columbia Medical Campus
March 6, 2007
Baltimore -- March 6, 2007 -- Preston Partners, Inc. announced today that it arranged a $24.5 million investment sale between the seller, Asset Capital Corporation, Inc. of Bethesda, MD and the buyer, Montecito Investments of Jacksonville, Florida. The Columbia Medical Campus, located on 36 acres in the heart of Columbia, Maryland at 5450 and 5500 Knoll North Drive, is comprised of two buildings totaling 154,558 square feet of medical office space. Major tenants in the buildings include Columbia Medical Practice, Chase Brexton, Labcorp, Inc., and Columbia Medical Pharmacy.
William B. LeBlanc III, President and Chief Operating Officer of Asset Capital Corporation , stated that "Preston Partners identified an off-market purchaser that was able to make an offer that motivated our company to sell the buildings before we full achieved our post renovation lease-up strategy. The transaction went smoothly and Montecito performed per the terms of our agreement. Thanks to Cris Abramson and Jeff Pacy of Preston Partners, Inc. our company was able to achieve our investment goals on the two buildings ahead of schedule."