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Syd Machat, CCIM, CRE Closes Complex International Transaction

MAY 2013, HAGERSTOWN, MD – Sperry Van Ness – Miller Commercial Real Estate is pleased to announce that the Hagerstown, MD office has closed the sale of a Western Maryland landmark, the former Allegheny Energy Corporate Headquarters 144,000 SF office building and 44 acre campus located off I-70W.

SVN – Miller Senior Advisor Syd Machat, CCIM, CRE represented the seller, Vinayaka Missions America University, Inc., of Salem, India. The four-story building and its surrounding acreage was purchased for $5.5M by The Washington County Board of Education. The office building is to undergo a $6.5M renovation to house the School Board’s new administrative offices. Surplus land at the new county facility may accommodate a proposed public school in the future. Three fiber optic providers are available within the immediate area; a major global advanced communications firm and a $68M data recovery center are adjoining property owners.

Washington County School Superintendent, Dr. Clayton Wilcox, has invited Machat to a planned Grand Opening Ceremony to be held at the new administrative building. Machat said, “The built-in infrastructure and high tech amenities onsite will serve the needs of the Board of Education for decades to come.” Dr. A.K. Gogna, a representative of the Seller stated, “Mr. Syd, I am sure your expertise and tenacity in the real estate business has held you in good stead for making this international transaction happen.” For more information about this settlement or to inquire about other available properties, contact Syd Machat, CCIM, CRE at Syd.Machat@svn.com or 301-432-5466.

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