Andy Stape, Joe Friedman and Mat Adler of Transwestern Bethesda-based Asset Investment Sales Group brokered the sale, representing Century South Investors LLC in the transaction. The building traded to 20111 Century Blvd. LLC.
A single-story office building built in 2003, 20111 Century Blvd. is on I-270 at Germantown Road. Both the buyer and seller are local, private firms, Adler tells GlobeSt.com. "The seller was selling off several office assets in the Baltimore-Washington area. This particular building it sold off individually."
With only 30 buildings in this Maryland submarket, investment sales are few and far between. Appropriate comps include the Dec. 2006 trade of 20500 Seneca Meadows Pkwy. for $306.95 per sf and the July 2005 sale of 20201/20250 Century Blvd. for $76.21 per sf, according to a market report by GVA Advantis. 20111 Century Blvd's $237 per sf price, Adler says, represents the higher end for the submarket.
New supply entering the market is also very limited. Right now Trammell Crow has broken ground on a six-story office building in a Germantown office park, according to GVA Advantis' report. Building III in the Milestone Business Park, a 44-acre corporate campus located off I-270. Trammell Crow is developing it on behalf of Multi-Employer Property Trust, with an expected delivery date of Nov. 2008.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
