1031-Exchange Buyer Scores DC-Area Industrial Building for $3M

Edge Capital Markets has executed the sale of a 22,174-square-foot flex/warehouse building located in Lanham, MA, for $3.2 million. The 1988-constructed facility in Prince George’s County’s Washington Business Park was 85% leased and occupied at the time of the sale transaction.

Edge partner Joe Friedman and team members Crissy Kleine, Wilson Purcell and Joshua Norwitz represented the seller and procured the 1031-exchange buyer, Corporate Triangle, LLC.

“This asset generated significant interest, demonstrating the steady demand for well-located flex assets in Prince George’s County and close-in suburban Washington, DC, submarkets,” said Friedman. “Flex assets offer a more favorable yield than the pure distribution industrial but are still benefiting from the strong leasing demand for industrial space. There is a significant shortage in the supply of small-bay flex space available because of extremely high barriers to entry for new construction, and the majority of new development is focused on high-bay distribution product.”