Real Estate
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In-Rel Properties has acquired a 16 story office building located at 7500 Old Georgetown Road in Bethesda, for $29.85 million, according to a report by Commercial Observer.
Development expands Comstock’s transit-oriented position adjacent to Rockville Metro Station
Matan Companies, a real estate development and investment firm, recently executed a full-building lease agreement with AstraZeneca, a global, science-led biopharmaceutical company, for 198,000 square feet at 700 Progress Way in Gaithersburg. The development is currently the home of a recently opened Chick-fil-A and Sheetz, but it’s looking to add more to the retail side of things.
The Potomac Promenade, a shopping center located at 9812 Falls Rd., has sold for approximately $77.4 million, according to a report by Maryland Newsletters.
The land located at 20516 Frederick Rd., which is behind one of Germantown’s two Burger King restaurants, is available for sale for $2.1 million. The property is about 2.03 Acres (100×850′).
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. In September, his Bethesda home went up for sale, and a couple weeks back the home officially sold.
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.