Edge, a full-service commercial real estate firm with offices in Washington D.C., Virginia, Maryland and Pennsylvania, has brokered the sale of 16001 Industrial Drive, a 28,000 square foot industrial/office building located in the Gaithersburg area of Montgomery County, Maryland for $4.575 million. The asset, which is located just off Shady Grove Road and I-270, was 100% leased and occupied at the time of the transaction. Edge’s Capital Markets team, led by Joe Friedman, Partner, Crissy Kleine, Senior Director, and Josh Norwitz, Transaction Associate, represented the seller, a Maryland-based private entity and procured the buyer, Fortified Property Group, a private capital investment firm based in Maryland and California.
Fronting Gaither Road, 16001 Industrial Drive is presently leased to Shady Grove Auto Care and Seasonair, Inc. Shady Grove Auto Care is an established automotive repair services company that has operated at this location for the past 30 years. Seasonair is a regional provider of commercial HVAC services and an affiliate of Comfort Systems USA, Inc., a NYSE-traded national company that services more than 130 cities and generates over a $1 billion in revenue annually.
“This asset was attractive for many reasons, particularly the stable, long-term cash flow, the industrial zoning with outdoor storage and large parking field, its strategic location minutes from I-270, and proximity to the dense population of Montgomery County,” explained Joe Friedman, Partner of Capital Markets at Edge. “This sales transaction began during the pandemic shut-down months but both sides were patient through the process. Through diligence and perseverance, a successful transaction was ultimately reached that benefitted both sides,” he added.
“Infill industrial remains a highly-favorable asset class with both equity investors and lenders,” Friedman added. “The capital markets in the post-shut down economy have lined up well for sellers of industrial properties to maximize value and for buyers to generate attractive yields with favorable financing terms for well-capitalized, experienced borrowers.”
This represents the 8th investment sale transaction completed by the Edge Capital Markets platform in 2020 with a cumulative volume in excess of $50 million. Earlier sales were completed for a 93,000 square foot commercial office building in Rockville, Maryland; a 37,000 square foot flex/warehouse building in Lanham, Maryland; a 30,700 square foot warehouse/retail building in Silver Spring, Maryland. a medical office portfolio in Fredericksburg, Virginia, and a 10-building industrial portfolio in Prince George’s County.
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 8.5 million square feet of commercial office, flex/office, industrial/warehouse, retail and mixed-use space. Visit www.edgecre.com.
