Edge Capital Markets has brokered the sale of two industrial buildings totaling 60,100 square feet located at 12712 Rock Creek Mill Road in Rockville, Maryland for $13.35 million. Joe Friedman, Partner, Edge Capital Markets led a team that included Christine Klein, Wilson Purcell and Joshua Norwitz which represented the seller, an affiliate of GlenLine Investments, and facilitated a 1031 exchange for the buyer, Crystal Rock Development, LLC.
The two-building park was originally developed in 1984 in a highly-unique location just off Rockville Pike and within walking distance to the Twinbrook Metro station. The project is surrounded by a two million square-foot life sciences and federal government research hub anchored by Health and Human Services, NIAID, NIH, and FDA.
The project was 100% leased at the time of sale and features 3,600 square-foot bays, 18’ clear, and a mix of dock-high and drive-in loading. The diverse tenant uses include, product assembly and distribution, biomanufacturing, studio space, artisan manufacturing and quasi-retail space. Tenant occupants include Brivo Systems, Marriott, RAPA Therapeutics, Omega Studios, Pike Roastery, and Cabana Natural Foods.
“The asset received significant investor interest due to its versatility as an infill flex-industrial asset that will cater to the intensifying demand for ecommerce fulfillment, early-stage life science space, and service retail space close to population centers” said Joe Friedman of Edge. Further, the 2.21 acres of CR 1.50 zoned land has tremendous intrinsic value long-term as the Twinbrook sector of Rockville Pike continues to mature.
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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