Transaction represents 10th completed by Edge Capital Markets platform in 2020 representing more than $70 million in sales volume in Maryland, DC and Northern Virginia region
Edge, a full-service commercial real estate firm with offices in Washington D.C., Virginia, Maryland and Pennsylvania, has brokered the sale of 12200 Baltimore Avenue, a 106,000 square foot building equipped with a combination of high bay warehouse and commercial office space, for $15.685 million. The asset, which was 97% leased and occupied at the time of the transaction, is located in the Beltsville section of Prince George’s County, Maryland. Joe Friedman, Partner, Edge Capital Markets, Kenneth Fellows, Partner, Advisory Services for Edge and Rob Pugh, Partner, Advisory Services for Edge represented the seller, an affiliate of Bristol Capital Corporation in Bethesda, Maryland and also procured the buyer, a 1031 exchange investor represented by Mid-Pacific Advisors. Edge handled leasing activities on behalf of the seller since 2016.
12200 Baltimore Avenue, located directly off Interstate 95 and the Intercounty Connector (MD Route 200), features roadside visibility from MD Route 1 and is surrounded by a free surface parking lot that can accommodate 250 vehicles. The building features clear ceiling heights ranging rom 24 to 30 feet, dock loading and drive-in options and includes eight acres of land that can be utilized for excess parking or outdoor storage.
Earlier this year, Edge secured a lease with Advanced Collision for 37,000 square feet of space at 12200 Baltimore Avenue. The company specializes in the body repair and painting of automobiles, trucks, buses and recreational vehicles and accessories, as well as the custom installation of audio and electronic equipment. Additional tenants include Rolling Green Landscaping and Sans Institute.
The building was constructed in 1984 as a design/build to function as the corporate headquarters for Ritz Camera, a national retailer that operated nearly 140 stores before filing for bankruptcy.
“This transaction was another example of seamless collaboration between Edge’s landlord advisory and capital markets team,” stated Joe Friedman of Edge. The Edge leasing team successfully elevated the building to near full occupancy for the landlord, and then introduced the capital markets team to maximize sale value for the seller and procure a buyer.
“This asset represents an ideal 1031 Exchange investment based on its stabilized occupancy and versatile industrial capabilities that can support a variety of distribution and industrial users. It is positioned near the axis of two major north-south and east-west highways, 30 to 45 minutes from four major metropolitan areas including northern Virginia and has very high roadside visibility.”
This represents the tenth investment sale transaction completed by the Edge Capital Markets platform in 2020 with a cumulative volume in excess of $70 million. Sales completed this year include 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.
