Edge Capital Markets Completes $7M Sale of Frederick Historic Office, Parking Garage
Edge Capital Markets has brokered the $7.2-million portfolio sale of 154 N Market Street (24,195-square-foot Class A office) and 8 E 2nd Street (8,875-square-foot parking garage) in downtown Frederick, MD. The office was 91% leased at sale.
Joe Friedman and Joshua Norwitz of Edge Capital Markets represented the seller, MP Fund I North Market, LLC.
The art-deco office building was originally constructed in 1860 with subsequent renovations and additions. In 2016, the previous ownership executed a complete renovation and rebranded the building “Second and Market.”
The Maxwell Garage serves as a rare amenity in Frederick’s dense downtown neighborhood and offers 33 reserved parking spaces or Second and Market’s tenants.
“This a prime example of a successful rehab and modernization of a historic building,” said Friedman. “The timing of the delivery was excellent as Frederick has experienced an economic boom post-COVID and is attracting attention from developers both locally and out-of-market for new multifamily, single-family, retail, industrial and life science space.”