Edge Capital Markets has executed the sale of a, 22,174 square foot flex/warehouse building located at 4370 Lottsford Vista Road in Lanham, Maryland for $3.150 million. Joe Friedman, Partner, Edge Capital Markets led the team that included Crissy Kleine, Wilson Purcell and Joshua Norwitz which represented the seller and procured the buyer, Corporate Triangle, LLC, a 1031 exchange buyer. The Prince George’s County asset was 85% leased and occupied at the time of the sale transaction.
Constructed in 1988 and located in the Washington Business Park immediately off the interchange of US Route 50 and495 (Capital Beltway). The building features 16’ clear heights, dock high and drive-in loading, and a parking ratio of 3.00 per 1,000.The building is leased to a diverse tenant base in the service industries of electrical contracting, office products, building insulation, and pest control services.
“This asset generated significant interest, demonstrating the steady demand for well-located flex assets in Prince George’s County and close-in suburban Washington, DC submarkets,” stated Joe Friedman of Edge. “Flex assets offer a more favorable yield than the pure distribution industrial but are still benefiting from the strong leasing demand for industrial space. There is a significant shortage in the supply of small-bay flex space available because of extremely high barriers to entry for new construction and the majority of new development is focused on high-bay distribution product”.
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.