Edge, a full-service commercial real estate firm with offices in Washington D.C., Virginia, Maryland and Pennsylvania, has brokered the sale of the Cherry Lane Business Center, a smallbay flex/industrial asset consisting of approximately 48,000 square feet of flex space for $6 million. The asset, which was 100% leased and occupied at the time of the transaction, is located at 14300 Cherry Lane Court in the Laurel section of Prince George’s County, Maryland. Joe Friedman, Partner, Edge Capital Markets and Kenneth Fellows, Partner, Advisory Services for Edge represented the seller, Kenwood Cherry Lane LLC, an affiliate of Kenwood Management Company and Avanti Capital.
Friedman of Edge also procured the buyer, Maisel Development in this 1031 Exchange. Edge handled leasing activities on behalf of the seller since 2013.
Constructed in 1987 and situated on a nearly three-acre site near the intersection of US Route 1 and Cherry Lane, 14300 Cherry Lane Court offers 100% air-conditioned, smallbay spaces, drive-in and dock high loading capabilities and a 3.00 parking ratio. The building is ideal for warehouse, flex, quasi-retail, and small office users seeking locations within five miles from Interstate 95, and MD Routes 198 and 200 (Intercounty Connector) and approximately 20 miles from both Washington, D.C. and Baltimore. The immediate area includes a diverse range of retail amenities along the Route 1 corridor including the Town Centre at Laurel.
“This asset is an ideal 1031 Exchange investment based on the diversity of the cash flow across 15-20 leases, low cost of turn-over and the extreme lack of supply of smallbay flex space along I-95 in the Washington-Baltimore corridor,” stated Joe Friedman of Edge. “Despite the short-term headwinds caused by COVID-19, Cherry Lane Business Center is expected to see steady long-term rental inflation and leasing demand that makes this asset an excellent long-term investment for the new owner.”
Prince George’s County ranks second among all Maryland counties for its number of high-tech, defense and aerospace companies. More than 16,000 businesses, employing more than 320,000 workers are contained within the county including the University System of Maryland, Joint Base Andrews and the Internal Revenue Service.
“This represents only the second property that Kenwood has sold in its 24-year history,” stated Bill Singer, a Principal with Kenwood Management. “Over the more than eight years that we owned and managed Cherry Lane, the Edge Commercial Team has done an outstanding job keeping it well leased and also selling it. We will also miss working the locally-owned businesses who have been leasing there and have been apart of the Kenwood Community.”
This represents the 9th investment sale transaction completed by the Edge Capital Markets platform in 2020 with a cumulative volume in excess of $55 million. Sales completed this year include a 93,000 square foot commercial office building in Rockville, Maryland; a 37,000 square foot flex/warehouse building in Lanham, Maryland; a 30,700 square foot warehouse/retail building in Silver Spring, Maryland; a medical office portfolio in Fredericksburg, Virginia, and a 10-building industrial portfolio in Prince George’s County.
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.
