Edge, recently acquired by KLNB, has brokered the sale of 811 Russell Ave, a 32,000 square foot suburban office asset in Gaithersburg. The property sold for a $4.075 Million to purchaser, Russell Plaza LLC who was represented by Larry Rosen of Commercial & Investment Realty Associates, LLC. 811 Russell Ave is a 32,000 square-foot office building leased to local office and retail businesses. The three-story building was built in 1997 and is situated in Gateway Center on 1.20 acres with a C-2 zoning. It is located less than one mile to Interstate 270 in the Montgomery Village neighborhood of Montgomery County and in Gaithersburg, which is known as an internationally-recognized biotechnology hub, benefiting from its proximity to federal research facilities and regulatory agencies in Gaithersburg and broader Montgomery County.
“The asset is home to a diverse mix of professional services, medical, and retail tenants that serve the local community,” stated Joe Friedman of Edge. “Montgomery Village is seeing tremendous interest from developers to redevelop and reposition underutilized land in a densely populated submarket of Montgomery County, located immediately off I-270 with a diverse employment base. There is a lot of runway for growth in the area,” he added.
Joe Friedman, and Joshua Norwitz, of Edge teamed up with Ken Fellows with Edge’s Suburban Maryland landlord advisory team as the exclusive agent of the seller, an affiliate of Finmarc Management, Inc. Joe Hoffman of Kelley Drye & Warren LLP provided legal advisory services for the transaction on behalf of the Finmarc Management affiliate. 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. Edge was recently acquired by KLNB. For additional information, visit www.edgecre.com. To learn more about KLNB, visit www.klnb.com.
The Maryland Attorney General’s Office released the following press release on Thursday, December 7: