Edge, a full-service commercial real estate firm with offices in Washington D.C., Virginia, Maryland and Pennsylvania, has brokered the sale of 12006 Plum Orchard Drive, a 30,700 square foot warehouse/retail building positioned in the White Oak section of Silver Spring in Montgomery Country for $7.35 million. The high-bay, multi-tenanted building was 100% leased and occupied at the time of the transaction. Edge’s Capital Markets team, led by Joe Friedman, Partner and Will Kostrzewsky, Associate, represented the seller, Plum Orchard, LLC, and procured the out-of-town, 1031 exchange buyer in this sales transaction.
Constructed in 2002 and situated on a 3.05 acre site fronting Plum Orchard Drive, the building is leased to Habitat for Humanity, which operates its non-profit ReStore concept that sells donated home furnishings and fixtures to the public; and Anixter, a global distributor of wire and cable products serving the transportation, data center, healthcare, manufacturing and real estate industries. The building is contained within the MD Route 29-White Oak Corridor of Montgomery County and is adjacent to the new Adventist Healthcare White Oak Medical Center and Orchard Center, a 425,000 square foot power retail center.
12006 Plum Orchard Drive is an extremely rare infill warehouse asset, featuring 24-foot clear ceiling heights and masonry tilt-wall construction and is comprised of a mix of commercial office, warehouse and showroom retail space. It is equipped with three dock doors, one drive-in door and a surface parking with a ratio of 2.00 per 1,000 square feet. Interstates 495 and 95 can be accessed in less than two miles and downtown Washington, D.C. can be reached in less than 30 minutes.
“The ability to close this asset during these extraordinary times was a testament to the long-term intrinsic value of this asset and the buyer’s ability to close with 100% cash from 1031 sale proceeds,” explained Joe Friedman, Partner of Capital Markets at Edge. “Buildings with 24-foot ceiling heights are exceedingly rare to find in the middle of Montgomery County. This is combined with the compelling and on-going growth story of the White Oak corridor, sparked by the delivery of the new White Oak Medical Center earlier this year. Strong demographics throughout the region and additional development projects on the horizon, including White Oak Town Center, will increase the value of 12006 Plum Orchard Drive in the future.”
Earlier this year, the Edge Capital Markets Group brokered the sale of 2301 Research Boulevard, a three-story, 93,000 square foot commercial office building in the Rockville section of Montgomery County for $9.25 million.
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.
