Avison Young brokers the sale of a 106,000 sf center in Odenton, MD
Avison Young recently announced that it has negotiated the sale of an office and retail center on behalf of Halle Companies of Silver Spring, MD. 2288 Blue Water Drive consists of a 48,000 sf office building along with 58,500 sf of in-line retail in a center located just outside the gates of Fort Meade.
Chip Ryan, Principal at Avison Young, teamed with Matt Weber, Senior Vice President at Avison Young to transact this deal. Jon Goldstein, Principal at Avison Young, provided the acquisition financing for the buyer, Melrose Solomon of Tenafly, New Jersey. All three Avison Young brokers are part of the U.S. Capital Markets Group based in Washington, DC.
Ryan noted, “We were excited to transact this deal despite the pandemic. This mixed-use asset, shadow-anchored by a Weis grocery store includes a neighborhood shopping center, a bank-occupied pad site, and an adjacent undeveloped pad site with significant upside potential. We just had to find the right buyer.”
“We’re continuing to see the market appetite for core investments. Halle executed its lease-up strategy and was ready to implement its exit strategy,” stated Weber. “The stable, reliable cashflow created solidified its appeal in the marketplace.”
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2020 winner of the Canada’s Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.