Maisel Buys Industrial Park in D.C. Suburb for $6M
Maisel Development has acquired the Cherry Lane Business Center, a 48,000-square-foot, flex/industrial building in the Washington, D.C., suburb of Laurel, Md., for $6 million.
The seller was Kenwood Cherry Lane LLC, an affiliate of Kenwood Management Company and Avanti Capital.
Edge Capital Markets represented both sides in the deal.
“The small-bay nature of the building and a rent roll with 15 to 20 tenants offers diversity of cash flow and low cost of space turnover,” Joe Friedman, Edge Capital Markets’ partner, told Commercial Observer. “The seller had successfully executed a business plan of stabilizing the property and was interested in investing in new projects for the portfolio.”
Originally built in 1987, the property sits on approximately three acres at 14300 Cherry Lane Court, about 20 miles from both D.C. and Baltimore. It features small-bay spaces, drive-in and dock-high loading capabilities, and a 3:1 parking ratio.
“These qualities made the space attractive and easily leasable to industrial, flex, retail and office users,” Friedman said. “The Route 1 Corridor, from Hyattsville to College Park to Beltsville, is seeing a lot of commercial and residential growth that will drive demand for services and service-related tenancy.”
The property was 100 percent leased at the time of the sale. According to Friedman, despite COVID-19, Cherry Lane Business Center is projected to see steady, long-term rental inflation and leasing demand in the future.
Joining Friedman in representing the seller was Kenneth Fellows, a partner in Edge’s advisory services. Friedman also procured the buyer. Edge has served as leasing manager for the property since 2013.