Edge Capital Markets recently brokered the sale of 154 N Market Street and 8 E 2nd Street, a portfolio consisting of a two-story building comprising 24,195 square feet of Class “A” commercial office space, and the 8,875 square foot Maxwell Street Garage, both located directly in the heart of Historic Downtown Frederick. 154 N Market Street was 91% leased and occupied at the time of sale and the projects combine for 33,070 square feet of space. Joe Friedman, Partner, Edge Capital Markets and Joshua Norwitz, Senior Associate, Edge Capital Markets represented the seller, MP Fund I North Market, LLC.
The historic art-deco building was originally constructed in 1860 with subsequent renovations and additions. In 2016, the previous ownership executed a complete “gut renovation” of the office building and rebranded the building as “Second and Market”. The Market Street portfolio is situated in the center of Downtown Frederick’s amenity-rich and vibrant urban core. Second and Market is home to a credit-worthy tenant roster which includes many of Frederick’s leading and tenured locally-owned businesses including those involved in the wealth management, banking, government IT contracting and craft retail industries. The Maxwell Garage serves as a rare amenity in Frederick’s dense downtown neighborhood, offering over 33 reserved parking spaces available for Second and Market’s tenants.
“This a prime example of a successful rehab and modernization of a historic building,” explained Joe Friedman of Edge. “The sellers completed a meticulous and creative renovation that delivered best-in-class office and retail product to downtown Frederick. 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.”
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.
The Daily Record article can be found here.
Citybiz article can be found here.
DC News Station article can be found here.
Connectcre article can be found here.