Edge Brokers Duo of Industrial Buildings in Rockville for $13M
Edge Capital Markets has brokered the sale of two industrial buildings totaling 60,100 square feet on Rock Creek Mill Road in Rockville, MD for $13.4 million.
Joe Friedman, Christine Klein, Wilson Purcell and Joshua Norwitz with Edge represented the seller, an affiliate of GlenLine Investments, and facilitated a 1031-exchange for the buyer, Crystal Rock Development, LLC.
The two-building park was originally developed in 1984 and is within walking distance to the Twinbrook Metro station. The project is surrounded by a two-million-square-foot life sciences and federal government research hub.
The project was 100% leased at the time of sale; tenant uses include product assembly and distribution, biomanufacturing, studio space, artisan manufacturing and quasi-retail space.
“The asset received significant investor interest due to its versatility as an infill flex-industrial asset that will cater to the intensifying demand for ecommerce fulfillment, early-stage life science space, and service retail space close to population centers,” said Friedman.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.