April 28, 2020 Comments Off on Small-Bay Warehouse Sells in 1031 Deal Views: 483 D.C. Metro News, Washington, D.C. News

Small-Bay Warehouse Sells in 1031 Deal

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Edge brokered the sale of 12300 Carroll Ave., a 22,000-square-foot warehouse building in Rockville, within Maryland’s Montgomery County. The property, which traded for $4.4 million, was 87% leased to three tenants at the time of sale.

Joe Friedman and Will Kostrzewsky of Edge represented seller 12300 Carroll Investors, LLC, a Bethesda-based investment group. They also procured the purchaser, HRC Carroll LLC, a 1031 exchange investor.

Situated within close proximity to MD Route 355 (Rockville Pike), 12300 Carroll Ave. is a small-bay warehouse building featuring 16-foot ceiling heights.

“The new owner was especially attracted to the desirability and uniqueness of the small-bay design of the asset,” said Friedman. “The interest was combined with the recognized long-term upside intrinsic value of infill warehouse in the age of e-commerce, the dense commercial and residential development surrounding the site, and the significant construction pipeline of mixed-use development in the Twinbrook area of Montgomery County.”

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