These acquisitions are intended as a long-term investment for the partners, they say. The plan is to position the properties for both a short-term and long-term return. Five office buildings: 2092 Gaither Road; 2094 Gaither Road; 2096 Gaither Road; 2098 Gaither Road and 15825 Shady Grove Road, will be renovated and upgraded to attract new office tenants.
Eventually, two office buildings at 2 Choke Cherry Road and 4 Choke Cherry Road will be demolished. In their place, a mixed-use project will rise with ground-level retail, and residential units and hotel rooms above. Anchored by a yet-to-be-named grocery store, the development's name, branding and architectural design are scheduled to be unveiled in early 2016.
In a statement, Montgomery County Executive Ike Leggett said "the County is impressed with this plan." However, the County does not have planning jurisdiction over the properties - the City of Rockville Planning Commission will be the approving body.
The properties' seller was TA Associates.
Photo courtesy 1788 Holdings/Lantian Development