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Saul Centers Adds to Avenel Portfolio

GAITHERSBURG, MD-Through its operating partnership, Saul Centers paid $4.2 million, or about $140 per sf, to its affiliate company, B.F. Saul, for a 30,000-sf office/flex building next to the Avenel Business Park.

By Mike Cleary | Updated on November 03, 2000

GAITHERSBURG, MD-Chevy Chase, MD-based B.F. Saul has sold the 30,000-sf office/flex building it recently built in Gaithersburg, MD to its affiliate, Saul Centers. The building was recently constructed next to Saul Centers’ Avenel Business Park and is fully leased to a single tenant. The price was $4.2 million, or about $140 per sf.

The acquisition increases Saul Centers’ holdings in the park to 389,000 sf. The initial cash yield on the purchase price is 10%. B.F. Saul is a limited partner in the Saul Centers operating partnership.

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