Containing nearly 62,000 square feet of flex/industrial space, assets were 97% leased
The Edge Capital Markets Group has brokered the sale of the Sugarloaf Business Center, a two-building asset containing nearly 62,000 square feet of flex/industrial space in the Ijamsville section of Frederick County, Maryland. The sales price was $6.2 million and the portfolio is currently 97% leased and occupied. Joe Friedman, Partner, Edge Capital Markets and Joshua Norwitz, Senior Associate, Edge Capital Markets represented the seller, RDV Investments, LLC and also procured the buyer Adams-Aumiller Properties in this transaction.
Located at9639 Doctor Perry Road and minutes away from I-270, the two-story buildings are positioned south of Frederick and Urbana and approximately 40 miles from Washington, D.C. and 60 miles from Baltimore. The assets are equipped with 14-foot ceiling heights and dock and on-grade loading docks, feature average bay sizes of approximately 2,000 square feet of space and include a free surface parking lot that surrounds the buildings.
Space is currently configured in a 65% warehouse to 35% office mix to suit the needs of the current tenants which include Amentum, a federal government contracting company, engineering services firm Silver Palm Technologies and Wow Your Closet, a locally-based contractor specializing in residential renovations and improvements.
“Sugarloaf Business Center has been excellently managed and maintained by the same owner for the past 30 years, and Adams-Aumiller Properties acquired a highly-stabilized asset at significantly below replacement cost,” stated Joe Friedman of Edge. “One significant differentiation point of these buildings, which has helped to maintain its near full occupancy, is the 2,000 square foot average bay sizes, which satisfy the real estate needs of companies in various industries. Edge Capital Markets team was able to match the perfect buyer and executed a timely disposition for the seller to achieve its financial goals.”
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. For additional information, visit www.edgecre.com.