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.