Tesla-Leased Building in Rockville, Md., Changes Hands
Finmarc Management has sold 202 Mason Drive, a 28,000-square-foot industrial building in Rockville, Md., to a 1031 exchange investor for $6.85 million. Electric car giant Tesla occupies the entire building for one of its repair shops.
“This latest sale continues our strategy of disposing certain properties to generate proceeds to fund future acquisitions,” Neil Markus, Finmarc Management’s principal, said in a statement. “We continue to seek compelling institutional-quality investment opportunities that match our acquisition criteria in the mid-Atlantic region. Our plan is to acquire an additional $200 million of assets in 2021.”
Edge Capital Markets represented the seller in the deal, while the buyer was represented by Mid-Pacific Advisors.
At the time of the deal, the property was fully leased and occupied by Tesla Body Repair Center.
“The new owner acquired a fully renovated and stabilized building secured by a long-term lease with one of the most forward-thinking and emerging technology companies in the world,” Joe Friedman, a partner with Edge, said. “This asset is the perfect 1031 exchange investment based on its secure income stream and strategic location within a desirable and sought-after real estate submarket among the most economically attractive counties in the country.”
Originally built in 1988 on 1.33 acres, 202 Mason Drive features 25-foot ceiling heights and recently underwent a significant interior renovation.
Tesla signed a long-term lease at the property back in 2018, and the building serves as a regional body repair service center exclusively for Tesla vehicles.
The building is located near MD Routes 355 and 28 in the northeast section of Rockville, and the Metro is less than one mile away.