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Frederick Flex Building Trades for $10.9M

FREDERICK, MD-The area continues to tighten as flex space becaomes increasingly valuable, as illustrated by a handful of transactions this year.

By Erika Morphy | Updated on November 03, 2006

FREDERICK, MD-Merchants Properties LLC in Baltimore has picked up an 83,000-sf, two-story flex asset here for $10.9 million. The seller was local firm Crest Ridge Development.

Michael Royce, senior director of Industrial Brokerage Services for Cushman & Wakefield in Bethesda, Md., represented Merchants. Nancy Greene, with MacIntosh in Frederick represented Crest Ridge. The class B building’s main tenants are Expo Exchange, a provider of convention logistics, and a judiciary organization of the state of Maryland.

Crest Ridge owned 1888 and 1890 W. Market St. for about eight years prior to its sale. In 2004 it added an additional 30,000 sf of pure office space in the rear of the original structure. This sale was the first for the submarket this year, Royce says.

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