Edge, a full-service commercial real estate firm with offices in Washington D.C., Virginia, Maryland, and Pennsylvania has brokered the sale of 12101 Tech Road, a 58,280 square foot flex/office building located in the Silver Spring section of Montgomery County, Maryland for over $12.8 million. Kenneth Fellows and Robert Pugh, both Partners, Advisory Services for Edge, represented the seller, BDC Spectrum LLC and Brad Crosley of JLL represented the buyer, 12101 Tech Road, LLC, in this sales transaction.
12101 Tech Road features 22-foot ceiling heights and a free, surface parking lot that can accommodate more than 100 vehicles. The premises also features multiple loading docks and is home to a total of three tenants making the property 100% leased at the time of the sale. Kingdom Fellowship Church, which occupies over 40,000 square feet, is expected to vacate sometime this year.
The asset is in close proximity to MD Route 200 (Intercounty Connector), Interstate 95, and Interstate 495. The property is also within walking distance to the upcoming White Oak Town Center Development, WesTech Village Corner, and minutes away from Orchard Center, which offers numerous sit-down and fast-casual restaurants, shopping, and hotel options. The property is also conveniently located close to Adventist Healthcare White Oak Medical Center.
“Acquiring assets of this size in the Montgomery County submarket has become increasingly difficult, given the lack of available properties for purchase, combined with the large volume of investors seeking investments in the Washington, D.C. suburbs.”, stated Robert Pugh of Edge.
“The new owner acquired a high-quality and well-maintained asset that will easily support its business operations, which makes this an extremely sound business decision on many levels,” stated Kenneth Fellows of Edge.
Edge is a commercial real estate firm providing a full complement of advisory, leasing, investment sales, management, construction, property management, and engineering services to clients throughout the Washington, D.C., Maryland, Northern Virginia, and Pennsylvania marketplaces. For additional information, visit www.edgecre.com.
I95 Business article can be found here.
Commercial Observer article can be found here.
Citybiz article can be found here.
Connectcre article can be found here.