Commerce Center II Sells for Nearly $17 Million

GREENBELT, MD-Frederick County’s Butera Properties has acquired the Commerce Center II office complex in a $16.9 million deal. Most of the property’s 129,964 sf of office space is fully leased to Intermedia Communications for the next 10 years. A 2,380-sf bank building–which is leased until mid-2009–and a 425-space parking lot also sit on the six-acre parcel. The two-building office facility sports a recent $5 million renovation.

Cassidy & Pinkard Managing Director Paul Collins brokered the deal along with Senior Associate Drew Flood. “From the seller’s standpoint,” Collins tells GlobeSt.com, “the price per square foot is the highest achieved in Prince George’s County in a long time; the highest ever, to the best of my knowledge.” He adds that, “from the buyer’s standpoint, it’s a nice, well-constructed building with a good return…so it’s good for both sides.”