Real Estate

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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145K SF Building on Rockville Pike to be Auctioned Later This Month

By MCS Staff

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.

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32,000 SF Office Building in Gaithersburg Sells For Just Over 4 Million

By MCS Staff

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.

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Home Depot on Shady Grove Road Has Been Sold… to Home Depot

By MCS Staff

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.

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