172,000-SF Retail Center Nabbed for $9M

GAITHERSBURG, MD-The shopping center at 600 N. Frederick Ave. has sold in a late 2003 transaction valued at $9 million. The purchaser, a private real estate investment firm that carries the recorded name of 600 N. Frederick Avenue LLC, acquired the 172,000-sf property from Millstein Industries LLC and MRDS Associates, who represented themselves in the sale. HBW Group Inc. stood in for the buyer.

Located on a 10-acre parcel, the 100% occupied 600 N. Frederick mall sports as its lead tenant a Burlington Coat Factory store, which subleases a portion of its leased space to Toys ‘R’ Us. According to Montgomery County Records, the property is valued at about $9 million, and was originally developed back in 1977. The buyer is reportedly considering developing unused portions of the property in the future.