A 30,700-square-foot warehouse and retail building in Silver Spring, Md., has traded hands in an all-cash deal involving a 1031 exchange, Commercial Observer has learned.
The property, 12006 Plum Orchard Drive, traded for $7.35 million to an out-of-town buyer, according to Edge, which represented the unidentified seller in the transaction.
“The purchaser successfully completed their 1031 exchange amidst these extraordinary times in an all-cash transaction,” Joe Friedman, Edge’s partner of capital markets, told CO. “It was a closing process unlike any other due to the unique circumstances we found ourselves but especially rewarding to see all parties come together to get it across the finish line.”
At the time of the sale, the high-bay, multi-tenanted building was fully leased to two tenants: Habitat for Humanity, which sells donated home furnishings from its ReStore concept; and Anixter, a global distributor of wire and cable products.
Originally built in 2002, the property offers 24-foot ceiling heights, which Friedman noted is rare to find in the middle of Montgomery County, as well as masonry tilt-wall construction. It also boasts three dock doors, a drive-in door and surface parking.
“This high-bay industrial asset in the heart of Montgomery County has tremendous, long-term intrinsic value with ecommerce and fulfillment centers currently operating on a 24/7 basis,” Freideman said.
Edge’s team also included Will Kostrzewsky.