SILVER SPRING, MD–Locally-based Royco has acquired The Blackwell Building at 9600 Blackwell Rd. in Rockville, MD.
The property is 97% leased to six tenants with average lease term of 8.5 years. In April of 2015, True North Management Group purchased the building as part of its $548 Million True North Real Estate Fund III. It then went on to invest $5.2 million in leasing capital, which attracted a number of first generation tenants.
NKF's investment sales team of Jud Ryan and James Cassidy facilitated the sale of The Blackwell Building.
“True North Management Group did an exceptional job repositioning this multi-tenanted asset, such that at the time of marketing, The Blackwell Building represented one of the longest average lease terms of any building brought to market in Washington, DC region,” Ryan said in a prepared statement.
The five-story, Class-A office building is located next to more than 1.3 million square feet of the area's research and healthcare facilities and positioned across the street from 143,000 square feet of retail.
SILVER SPRING, MD–Locally-based Royco has acquired The Blackwell Building at 9600 Blackwell Rd. in Rockville, MD.
The property is 97% leased to six tenants with average lease term of 8.5 years. In April of 2015, True North Management Group purchased the building as part of its $548 Million True North Real Estate Fund III. It then went on to invest $5.2 million in leasing capital, which attracted a number of first generation tenants.
NKF's investment sales team of Jud Ryan and James Cassidy facilitated the sale of The Blackwell Building.
“True North Management Group did an exceptional job repositioning this multi-tenanted asset, such that at the time of marketing, The Blackwell Building represented one of the longest average lease terms of any building brought to market in Washington, DC region,” Ryan said in a prepared statement.
The five-story, Class-A office building is located next to more than 1.3 million square feet of the area's research and healthcare facilities and positioned across the street from 143,000 square feet of retail.
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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.
