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Bethesda developer Moore & Associates amended the old investment adage to buy low, sell high and then buy low again when it bought back the three-building Station Square office complex in Silver Spring last month.

In a joint venture, the company and Urdang Capital Management announced they acquired the 500,000-square-foot property at Wayne and Georgia avenues. The sales price was not disclosed, but state assessment records show the complex traded for $74.7 million, or $55.1 million less than the $129.8 million it sold for in 2005. Moore originally bought the three buildings for $53 million in 1998.

Property records show that 1010 Wayne Ave. sold for $28 million, 1100 Wayne Ave. sold for $24.7 million and 8484 Georgia Ave. sold for $22 million.

The deal was a "compelling investment," David L. Rabin, managing director of acquisitions for Urdang, said in a statement. Urdang is the real estate investment manager for BNY Mellon Asset Management of Plymouth Meeting, Pa.

"We were able to acquire it at an attractive cost and can create value in this asset by making selected key investments and re-positioning the property in the marketplace," he said.

The 10-, 12- and 14-story buildings sit one block from the Silver Spring Metro station, directly across the street from Discovery Communications. Moore and Urdang expect a boost from the opening of the Sarbanes transit center next year.

"We have decided to re-enter the Silver Spring market as capitalization rates have risen significantly since 2005," said Lloyd W. Moore, chairman of Moore & Associates. "Silver Spring is a strong office market in a balanced urban center."

The seller, National Office Partners, is a joint venture of Hines, the international real estate company, and the California Public Employees Retirement System. The giant pension fund's long-term credit rating was downgraded three notches to Aa3 from Aaa in December by Moody's Investors Services, reflecting back-to-back market value declines in 2008 and 2009.

Station Square marks the fourth joint venture acquisition completed by Urdang and Moore. The pair also owns Bethesda Towers, a 540,000-square-foot office complex, and two office buildings in Austin, Texas.

Kaiser pays $42.8M to open new building

Kaiser Permanente, the Oakland, Calif., health maintenance organization, will open a medical office center in Gaithersburg, where it paid $42.8 million to buy a vacant 200,000-square-foot building and adjoining land, according to the seller.

Kaiser acquired Monument Corporate Center I and 0.79 acres next door, where a sister property is planned. The sales price included assumption of a $33.7 million loan.

The seller, Washington's Monument Realty and Transwestern Investment Co., completed the building in 2007 as part of a mixed-use complex. Plans call for a total of 650,000 square feet of office space and a 136-room hotel. Monument bought the property in 2001 when it purchased the IBM building and the adjacent 33 acres of land from IBM. Monument later sold the IBM building to Wells REIT and began developing the vacant land.

The new Kaiser building is at 655 Watkins Mill Road, just off Interstate 270.

"This was a very complicated deal as there were multiple owners of a commercial condominium association that needed to approve various aspects of the transaction. Even with these complications, the deal went very smoothly and we were able to close two days before Christmas," Michael J. Darby, owner of Monument Realty, said in a press release.

"The deal closed in less than 90 days after the term sheet was executed. This was an incredible effort considering the size of the transaction, the due diligence required, the number of approvals necessary and the fact that the Thanksgiving holiday fell right in the middle of the closing period."

The new facility is expected to be open in summer 2012 and will serve members who are area residents and a large number from nearby employers, including the Department of Energy, Montgomery College and the National Institute of Standards and Technology.

"We have an unwavering commitment to making quality health care available and accessible to our members," said Marilyn Kawamura, president, Kaiser Foundation Health Plan of the Mid-Atlantic States, in a statement. "This new medical office will bring the benefits and convenience of additional services and the most advanced technology together in a work- and patient-friendly environment I'm sure our members will appreciate."

The office will house primary and urgent care, specialty care, full-service imaging and laboratory and pharmacy services.

College plans to sell conference center for $4.4M

The Belmont Conference Center and the Dobbin House in Elkridge and the surrounding 82 acres are for sale, according to CB Richard Ellis, which has the listing.

The property, surrounded by Patapsco Valley State Park, is listed for $4.4 million. The complex is halfway between Baltimore and Washington and not far from Baltimore-Washington International Marshall Airport and Fort Meade.

The property is zoned as a residential environmental development district, which CBRE said is ideal for schools, colleges, nonprofits and government structures.

The Belmont center is surrounded by 68 acres and hosts conferences, retreats, weddings and other events. Dobbin House sits on 13.52 acres that are not contiguous with the Belmont parcel and has accommodations for up to five guest rooms.

Commercial real estate news items may be mailed to: Steve Monroe, The Business Gazette, 9030 Comprint Court, Gaithersburg, MD 20877; e-mailed to smonroe@gazette.net; or faxed to 301-670-7183.