Premier Acquires 120,000 sf Office Building

Montgomery Executive Center, Gaithersburg, MD

Premier is pleased to announce that on August 6, 2024 it closed on the acquisition of Montgomery Executive Center, a 120,000 sf office building with a mix of 33 office, medical and retail tenants, including a large Citibank branch. The property was purchased from a Brookfield REIT affiliate and had recently undergone over $2 million in capital improvements. The $8.2 million purchase price represented a 10+% cap rate on the in-place income with occupancy at 67%. Dave Baker and Chetan Dokku of JLL represented the seller. Financing was placed by the American Armed Forces Mutual Aid Association with assistance from Northmarq. Premier Management will handle the property management.