Last month over 250 people attended an opening event for Rockville’s newest neighborhood- Farmstead District. Several potential busters camped out to be the first in line to purchase a home, with seven homes selling on the first day for EYA’s newest neighborhood that will also be joined by Pulte offering a total of 370 homes in 2024 (construction photos below).
A property in Rockville, known as the Rockville Metro Center, will be auctioned online beginning on November 13, 2023. The property consists of a vacant office building comprised of approximately 145,491 square feet, located on approximately 2.5 acres at 255 Rockville Pike, Rockville, Maryland 20850 adjacent to the Rockville Metro station. The starting bid is $2.5 million.
The property provides optionality for many uses, including the ability to redevelop the site as a residential building or convert the existing structure into life science space. The PD-RCI zoning has a wide range of applications, including the opportunity to redevelop the site into a mid-rise or high-rise residential building.
Marcus & Millichap a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, recently announced the sale of Gaithersburg Citgo| Daytona Auto Care, a 2,506-square foot retail property located in Gaithersburg, Maryland. The property sold for $2,500,000 plus inventory, or $837.99 per square foot.
“The property attracted offers from several buyers,” Zhao said. “It’s not a typical Marcus & Millichap net leased deal. This deal involved real estate and its 35 years of business operation. Ultimately, an investor with a keen interest in auto care was found who enlisted the help of an experienced operator from California to assist with the business operation of the auto care facility. The buyer negotiated strategic termination of the property’s current fuel supply agreement as a contingency to close.” The property is located at 401-409 E Diamond Av. in Gaithersburg and includes Gaithersburg Citgo gas station and Daytona Auto Care LTD, which have been in business for more than 35 years.
Montgomery County’s Revenue Authority purchased the building that was most recently home to Gold’s Gym at 18810 Woodfield Rd in Gaithersburg for $3.68 million in a deal that has been in the works for over five years, according to Maryland Newsletters.
This past summer we let you know that Gold’s Gym at 18810 Woodfield Rd in Gaithersburg, located next to the Montgomery County Airpark, would close in August. The gym’s last day in business was Friday, August 25. In an email Gold’s Gym sent to its members, the gym stated, “The county is taking the land back under what is called eminent domain relating to the neighboring airfield – we are being required to exit and turn the building back over to the landlord.”
A 5,600 SF retail building at 26437 Ridge Rd. in Damascus has been sold to a partnership headed by Alexandria, VA-based Harmon Capital Group for $1.14 million, according to a report by Maryland Newsletters. The building is currently home to Domino’s Pizza on the front-facing side on Ridge Rd, but the restaurant only takes up approximately 1,500 SF with no plans to close. There is an additional 4,100 SF looking to be leased with entrances on the back side of the building.
Per the Capstar Commercial Realty listing, there are two spaces currently available in the building– A 2,800SF space and a 1,250 SF space that was previously home to Verizon. The retail building was built in 1987, and touts “Multiple access points off the intersection of Ridge Rd and High Corner St.” and a “Location adjacent to McDonald’s and at the primary gateway to the bustling Damascus Shopping Center which houses prominent names like Chipotle, Dollar Tree, Advance Auto Parts, T-mobile, Mathnasium, and several more.”
In September 2023, APAH completed the purchase of 170 apartments at the Falkland Chase apartment community in downtown Silver Spring, MD from seller JBG Smith. APAH is envisioning a phased redevelopment of approximately 1,250 brand new apartments for this site with a large percentage targeted as affordable for residents with incomes at or below 60% of the Area Median Income (AMI).
Upon vacancy and/or turnover, the existing 170 garden-style apartments will be leased at rents affordable to residents earning 60-65% AMI until the redevelopment begins. While the North parcel of Falkland Chase purchased by APAH is already entitled for the 1,250 new units, APAH intends to modify the existing site plan to maximize the affordability of the future community.
In June, the Washington Wizards traded three-time All-Star Bradley Beal to the Phoenix Suns for Chris Paul, Landry Shamet, a handful of second-round picks, and multiple pick swaps. Now, the NBA superstar has put his Bethesda home up for sale for $10 million in a listing by held by Jill Schwartz and Andres Serafini of RLAH @properties.
The home, located at 8913 Holly Leaf Ln in Bethesda, has 6 bedrooms and 8.5 bathrooms with a total of 13,482 SF on 2.03 acres. It also includes a four-car garage and two full-size basketball courts (one indoor, one outdoor). The home is described as having a “South Miami vibe” and if basketball isn’t your thing, you can enjoy the “full-size tennis court with stadium lighting, elevated spa cascading into the heated linear swimming pool, detached Pool House complete with cabana bath, outdoor kitchen and the finest smore-worthy fire pit.” The full description and a video can be seen below:
Peterson Cos. has acquired the 402-unit Huntington at King Farm: Phase II apartment complex in Rockville for $135.5 million, according to a recent BizJournals report. This is the first residential holding for Peterson Cos. in Montgomery County. On the retail side, Peterson Cos. owns Downtown Silver Spring, Milestone Center in Germantown, and Rio Lakefront in Gaithersburg. Peterson Cos purchased the property on September 21st.
“Located at 801 Elmcroft Boulevard in Rockville, Huntington at King Farm: Phase II is a unique multifamily property in the prestigious King Farm neighborhood. The community has a total of 402 rental units, 165 of which are townhomes with private parking garages. Originally built in 2000 with generously sized floor plans of nearly 1,200 square feet on average, the community has benefitted from by long-term institutional ownership that maintained the property to a high level. Since 2011, approximately 342 units have been renovated.
The Washington Post recently released a searchable list of the best pizza by state, divided into eight different categories. They analyzed 7.5 million Yelp reviews and developed a formula to identify the “best.” Ema Rossi, a family-owned and operated Italian restaurant that serves wood-fired Neapolitan style pizza, pastas, salads, and small plates, was ranked as the best “Neapolitan-ish” style pizza in the state of Maryland.
According to WaPo, “While “Neapolitan” is strictly defined, Neapolitan-ish includes puffy-crusted wood-fired pizzas with all sorts of fancy toppings.” Ema Rossi has been doing it since they opened in the old Pizza Hut location in the Rock Creek Village Center (5556 Norbeck Rd) back in July 2020– a very difficult time for a restaurant to get started with many Covid restrictions in place.
In February, we let you know that Dan Snyder was putting his Montgomery County home up for sale, for what would be a DMV record breaking $49 million if it sold for the asking price. Now, the home listing shows that the asking price has dropped by 28.8% and it currently at $34.9 million. It is being listed by listed by Heather Corey and Michael Rankin of TTR Sotheby’s International Realty.
The home, located at 11900 River Rd., has five bedrooms and eight bathrooms spread across 30,000 SF. The French-style single family home sits on a lot size of just over 9.6 acres and is located in Potomac. It comes at a price of $1,633 per square foot, with an annual tax $192,631 (over $75k more than the $117,345 median household income in Montgomery County). A video tour of the home is available below. Photos below courtesy of Sean Shanahan.
Acento Real Estate Group, previously known as Finesa Real Estate Group, has purchased the three-story, 238-unit Governor Square Apartments located at 409 Muddy Branch Rd in Gaithersburg. Acento is an investment management and operating company specializing in value-driven investment management strategies and property management services that’s headquartered at 8120 Woodmont Ave in Bethesda. The apartment complex was sold for $46.1 million according to a report by Maryland Newsletters.
The Governor Square Apartments were built in 1968 and offer leases for 1, 2, 8, 9, 10, 11, 12, 23, 73, 97 months. The property boats of being “centrally located alongside the I-270 corridor, Governor Square is just minutes from excellent shopping, dining, and entertainment options, and commuting options. Our one, two and three-bedroom floorplans provide comforts designed with you in mind. Stop by Governor Square; we’re certain to have an apartment home that perfectly fits your lifestyle.”