May 14, 2020
Coldwell Banker Commercial’s Faraz Cheema represented the buyer in the acquisition of three fully- leased commercial properties across Maryland. The properties collectively sold for $18.95 million to a private family trust.
The properties included:
• Chase Bank, Kensington – 3,500 square feet for $6 million.
• CVS, Chester – 11,970 square feet for $6.475 million.
• Walgreens, Glen Burnie – 14,650 square feet for $6.475 million.
“This portfolio is a unique find in today’s market where absolute triple-net assets are highly coveted and becoming more sought after by investors due to low risk and minimal day-to-day oversight other investments require,” said Cheema.
“Faraz successfully managed the acquisition of this portfolio during the current health crisis and changing economic environment,” said Dan Spiegel, VP and managing director of CBC. He added that Cheema brought the transaction to a close within the limited timeframe of a 1031 exchange.
For comments, questions or concerns, please contact Paul Bubny