Four new leases were signed at 7361 Calhoun Place, contained within Calhoun Center, in Rockville. Caelum Research Corporation, a woman-owned technology company, real estate group Cardinia Real Estate, and professional services […]
Real Estate
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.”
|
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
A property in Rockville, known as the Rockville Center, will be auctioned on March 23, 2023 10:30am EDT at the Circuit Court for Montgomery County, at the Court House Door, 50 Maryland Ave., Rockville, MD 20850. BizJournals refers to the building as representing the remnants of Rockville Mall.
It consists of a vacant office building compromised of approximately 145,491 square feet, located on approximately 2.5 acres at 255 Rockville Pike, Rockville, Maryland 20850. It includes underground parking for approximately 447 vehicles. According to the online listing by Alex Cooper, It was believed to have been built in 1987 and renovated in 1998.
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.
Home Depot has purchased its own store at 15740 Shady Grove Road at the 270 Center in Gaithersburg. According to a report by Maryland Newsletters, Home Depot recently paid $55.5 million for the 102,190 SF building. The store was previously subdivided out of the larger shopping center so that it could be sold individually.
Home Depot is a co-anchor of 270 Center, a shopping center shadow-anchored by a powerful mix of destination retailers including Best Buy, Nordstrom Rack, and soon (maybe), a brand new Amazon Fresh grocer. The property benefits from high historical occupancy, high sales, and long-term leases. Nordstrom Rack has been at the property for ±10 years and is ranked the 2nd busiest Nordstrom Rack in the state of Maryland by customer foot traffic. Best Buy has co-anchored the property since its inception in 1994.
Muddy Branch Investments, LLC, has submitted Sketch Plan application SK-9497-2023, proposing to construct 380 multifamily residential units in four buildings up to five stories in height, all located on approximately 14 acres at the former Nike Missile site at 770 Muddy Branch Rd, which was sold last year for over $12 million. The sketch plan includes surface parking, open space, pedestrian connections, and amenities for the multifamily units. The sole vehicular access to the proposed development will be along a private street coming off Muddy Branch Road.
The subject property is located west of Muddy Branch Road, north of the Lakelands Ridge community and the Muddy Branch Square shopping center, east of the Lakelands Ridge community and Great Seneca Highway, and south of the Timberbrook community, Lakelands Ridge conservation area, and City-owned land.
KLNB, the Mid-Atlantic region’s largest privately held CRE brokerage firm, has announced the acquisition of Edge Commercial Real Estate, the 16-year-old Rockville, Md.-based brokerage with offices in Maryland, Virginia, and Washington, D.C.. The deal allows KLNB to establish a greater presence in Montgomery County, something KLNB has been eager to do.
Per the press release: The deal will increase KLNB’s size by roughly 20%, adding 32 total employees, 18 of which are brokers who specialize in multiple facets of office, industrial, tenant representation, and multi-family investment sales and leasing. Six of the brokers will be immediately installed as principal partners at KLNB. The official financial details of the acquisition have not been disclosed, but the transaction includes substantially all of Edge’s assets.
Boston-based WinnCompanies has acquired the Villages of Gaithersburg apartment complex, located on School Drive next to the Shady Grove Village development for $28 million. The 9.5 acre property also features a pool, playground, and picnic area. The property was built in 1974 and has four stories with 168 total units. The property previously purchased by the Read Property Group in 2015 for $20.1 million.
WinnCompanies owns one other property in Gaithersburg and two additional properties in Montgomery County. Oaks at Olde Towne in Gaithersburg (Chestnut St.), Fireside Apartments in Rockville (Monroe Street), and The Residences at Thayer Ave in Silver Spring (Thayer Ave). WinnCompanies is currently hiring for various jobs at the Villages of Gaithersburg complex.
|
Last week 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 is available to browse on any real estate website. 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).
Back in November 2021, we reported that the $48 million sale of River View (7979 E. Boulevard Drive in Alexandria, VA)– a 16,000 square foot home with an additional carriage home had set a new record for the most expensive home sale in DMV (DC, Maryland, Virginia) history. The home was bought buy Montgomery County native and owner of the Washington Commanders, Dan Snyder. Now, with the sale of the Commanders looming, Snyder is selling his Potomac, MD home (named River House) for $49 million, according to a Biz Journals report. This is one million more than he purchased River View for in 2021, and would be the most expensive home sale in DMV history if it sells for asking price or more.
Per the report, River House on River Rd. in Potomac, “spans just over 15 acres and features a 30,000-square-foot French château-inspired home completed in 2004. Snyder bought the majority of the Potomac River-fronting lot, at 11900 River Road, in July 2000 for $8.64 million from the estate of Jordan’s King Hussein and Queen Noor, then expanded with the acquisition of six adjoining parcels.” It is being listed by listed by Heather Corey and Michael Rankin of TTR Sotheby’s International Realty. Photos of the home below, by Sean Shanahan.