Asset is 100% leased and occupied by Tesla Body Repair Center

Edge, a full-service commercial real estate firm with offices in Washington D.C., Virginia, Maryland and Pennsylvania, has brokered the sale of 202 Mason Drive, a 28,000 square foot /industrial building situated in the Rockville section of Montgomery County for $6.85 million. The asset was 100% leased and occupied by Tesla Body Repair Center at the time of the transaction. Joe Friedman, Partner, Edge Capital Markets represented the seller, Finmarc Management, Inc., a commercial real estate company headquartered in Bethesda, Maryland and also procured the buyer, a 1031 exchange investor represented by Mid-Pacific Advisors.

Constructed in 1988, 202 Mason Drive is a single-story building featuring 25-foot ceiling heights and is situated on a 1.33-acre parcel. In 2018, Tesla signed a long-term lease to fully occupy the building after completing a significant interior renovation. The building now serves as a regional, state-of-the-art body repair service center exclusively for Tesla vehicles. The asset is within close proximity to MD Routes 355 and 28 in the northeast section of Rockville. The Rockville station of the Washington Metro line is less than one mile away.

“The new owner acquired a fully-renovated and stabilized building secured by a long-term lease with one of the most forward-thinking and emerging technology companies in the world,” stated Joe Friedman of Edge. This asset is the perfect 1031 Exchange investment based on its secure income-stream and strategic location within a desirable and sought-after real estate submarket in among the most economically-attractive counties in the country.”

Finmarc Management a fully-integrated commercial real estate company that focuses on real estate investment, management, leasing and development of retail, industrial/flex, and office properties throughout the Mid-Atlantic region. The firm presently owns and manages a portfolio encompassing approximately 6.6 million square feet of commercial properties located in Maryland, Washington, D.C., Virginia, Delaware and Pennsylvania.

“This latest sale continues our strategy of disposing certain properties to generate proceeds to fund future acquisitions,” explained Neil Markus, Principal of Finmarc Management. “We continue to seek compelling institutional-quality investment opportunities that match our acquisition criteria in the Mid-Atlantic region. Our plan is to acquire an additional $200 million of assets in 2021.”

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.