Gaithersburg, Maryland – EDGE Commercial Real Estate’s Capital Markets Group is pleased to announce the sale of 3720 Farragut Avenue in Kensington, Maryland for $3,000,000. The sale includes a 20,350 SF office building and two contiguous residential properties located on Dupont Avenue. The transaction was originated at Metropolis Capital Advisors by the investment sales team led by Joe Friedman and Kelly Lawrence, where they represented the Seller, Harvey Companies and Landmarc Real Estate, and procured the Buyer, Atlantic Real Estate Grp, LLC.
The 20,350 square foot office building is 85% leased to a mix of professional/medical office tenants including Holy Cross Health and All State, and features well-designed, small suite sizes averaging 1,500 square feet. Originally constructed in 1963, the building recently underwent major capital renovations in 2017 and features an abundant free surface parking ratio of 3.24 per 1,000. In addition, the one-acre site is included in the Kensington master plan overlay for higher density mixed-use development and has great long-term potential for redevelopment. Farragut Avenue benefits from a high-profile location at the intersection of Connecticut Avenue and University Boulevard (55,000 ADT) in the emerging Kensington submarket, located just 3.5 miles from the District of Columbia line.
“Kensington is truly an emerging market of Montgomery County with a compelling story to tell. The market has a unique combination of underutilized, low density commercial development combined with proximity to DC, Beltway access, and increasingly affluent demographics” said Joe Friedman.