DC-based Carr Properties signed an agreement this week to purchase 7272 Wisconsin Avenue in Bethesda, Maryland for $105.5 million from the American Society of Health-System Pharmacists (ASHP). Alony Hetz Properties and Investments Ltd., a holding company that specializes and focuses on real estate in Israel and abroad, has partnered with Carr on the project. Carr will finance the building’s purchase from its own resources and from a loan granted by the sellers in the sum of $53 bearing 4.5% yearly interest with its redemption date (full principal) being in 2020. In addition, Carr signed an agreement with the sellers according to which the sellers would remove their offices from the purchased building and move to the 4500 East West Building owned by Carr, construction of which was completed this year.
In the coming years, Carr Properties intends to demolish the Class B office building to develop a 935,000-square foot mixed use complex at the location with office, residential, commercial and hotel space, according to a Funder article. Demolition of the building has been an issue of community planning concern, as previous property owners and the county considered the impact last year. The property is at a desirable location, directly above a future subway stop for the new Purple Line on DC Metro.
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