Real Estate

Gold’s Gym Gaithersburg Building Sold for $3.68 Million

By MCS Staff

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.”

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Retail Building in Damascus Sells For $1.14 Million; Now Looking For Additional Tenants

By MCS Staff

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.”

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170 Apartments in Silver Spring to Be Converted to 1,250 Affordable Units by Non-Profit

By MCS Staff

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.

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Bradley Beal’s Bethesda Home is Available to Purchase For $10 Million

By MCS Staff

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:

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Rio Owner, Peterson Cos., Acquires Rockville Apartment Complex For $135.5 Million

By MCS Staff

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.

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Ema Rossi Pizza Named Best “Neapolitan-ish” Style Pizza in Maryland by the Washington Post

By MCS Staff

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.

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Listing Price of Dan Snyder’s Home Drops by 28.8% After Six Months On The Market

By MCS Staff

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.

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Gaithersburg Apartment Complex Sells For $46.1 Million

By MCS Staff

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.”

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Wesley Foster, Co-Founder of Long & Foster, Has Died at 89

By MCS Staff

The Long & Foster Companies, parent company of Long & Foster Real Estate, celebrates the life and contributions of P. Wesley (Wes) Foster, Jr., its founder and chairman emeritus. Foster, who started the leading real estate firm in 1968 with then-partner Henry A. Long, was 89 years old. Henry Long passed away in 2020 at the age of 83.

Per Long & Foster: “Wes was an extraordinary leader, businessman and person, and my heart goes out to his family and all those he touched through his caring and generosity,” said Patrick Bain, president and CEO of The Long & Foster Companies. “Working with Wes for several years, what stood out the most was his appreciation and attention for everyone he met. Wes always treated you as the most important person and knew it was the agents and employees who chose to work here, who were the heart and soul of the company. His people-first approach defined us, and his legacy lives on at Long & Foster.”

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Wheaton Apartment Building Sells for $64 Million

By MCS Staff

Solaire Wheaton, located at 10914 Georgia Ave., was completed by Washington Property Company (WPC) in April 2014. According to Biz Journals, it has been sold to Chicago’s 29th Street Capital for $64 million (according to records filed with the Maryland Department of Assessments and Taxation).

Featured photo courtesy of WPC

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