Newmark announces the sale of 9017 Red Branch Road, a 57,272-square-foot Class A industrial building located in Columbia, Maryland, along the Baltimore-Washington Corridor. An affiliate of May Riegler Properties, a Washington, DC-based investment and development firm, purchased the property from Grebow Investments. At 28-percent leased, the small bay industrial asset sold for $4.3M. This is May Riegler’s third acquisition on Red Branch Road.
Executive Managing Director Cris Abramson, Director Nicholas Signor and Associate Director Ben McCarty of Newmark’s Maryland Capital Markets team facilitated the sale.
“This sale represented a rare opportunity to place value-add capital in a submarket with greater than 95-percent occupancy,” said Abramson. “Small bay industrial product continues to be a favorite among investors.”
Newmark’s Brian Kruger and Associate Erik Evans have been selected by the new ownership to handle leasing for the project.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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