Edge Capital Markets has brokered the sale of a nearly 138,000 square foot commercial office building located at 8301 Professional Place in New Carrollton, Maryland for $25 million. Joe Friedman, Partner, Edge Capital Markets brokered the sale with his team that included Wilson Purcell and Joshua Norwitz. The seller was Washington, D.C-based Persimmon Capital Partners and the buyer was J1B Properties, LC. The asset was 93% leased at the time of the transaction.
The two-story office building sits on 12 acres adjacent to the New Carrollton Metro Transit Station and the intersection of the Capital Beltway (I-495) and US Route 50. The building serves as the Mid-Atlantic headquarters for Giant Food which is part of the combined Stop & Shop/Giant Food supermarket chain, which is a wholly-owned subsidiary of Ahold Delhaize. WMATA also recently located into the building as part their continued expansion in the New Carrollton area.
The New Carrollton Metro Park is home to many large public and private organizations including agencies of the State of Maryland, Maryland Park Police, IRS, Giant Food, Kaiser Permanente, 2U, and Northrop Grumman. The combination of Metro and regional highway access and affordability is a significant draw. Further, the park will have direct connectivity to Montgomery County via Metro’s Purple line which will connect to New Carrollton Metro in the next five to seven years.
“This asset was desirable for the purchaser because it offered stabilized, long-term cash flow with multiple credit-worthy tenants in a location that offers multi-modal public transportation (Metro, AMTRAK, MARC, Greyhound)and regional highway access,” explained Joe Friedman of Edge. “Additionally, the entire area surrounding the Metro station is included in a multi-phased mixed-use development master plan that will bring thousands of residential units and supporting retail amenities that will transform the area into a dynamic destination in the years to come.”
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. Founded in 2007, the company currently leases and manages more than 10 million square feet of commercial office, flex/office, industrial/warehouse, retail and mixed-use space. Visit www.edgecre.com.
Citybiz article can be found here.
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