Moving Company Takes Industrial Space in Rockville
By Keith Loria April 11, 2022 2:40 pm
reprints
Budget Moving and Storage, a full-service moving company, has signed a 5,500-square-foot lease at 12300 Carroll Avenue, a 23,158-square-foot industrial building in Rockville, Md.
Edge represented the landlord, HRC Carroll LLC, in the deal. The owner acquired the two-story building in 2020 for $4.4 million as part of a 1031 exchange sale.
“The tenant was looking for a space that was move-in ready with mostly open space and a drive-in bay,” Kenneth Fellows, a partner in Edge’s advisory services team, told Commercial Observer. “Tenants like being close to amenities and major highways.”
With the lease, the building is now at full occupancy.
The property is less than 20 miles from Washington, D.C., and is in close proximity to MD Route 355, Montrose Parkway, Interstate 270 and Interstate 495.
“The building’s strategic placement within a high-density residential area, with many business communities nearby, makes it extremely attractive to a variety of end users including logistics companies, light manufacturers, and those offering professional services,” Fellows said in a statement.
Asking rates for all industrial and flex space in suburban Maryland increased nearly 20 percent from 2020 to 2021, jumping as much as $3 per square foot to a range between $9.53 and $10.45 per square foot, according to data from Edge.
Barbara Bouvier of Coldwell Banker commercial represented the tenant in the deal, while Fellows was joined by fellow partner Rob Pugh in handling things for the landlord.
Requests for comment from the tenant and tenant’s broker were not immediately returned.
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
Keith Loria can be reached at Kloria@commercialobserver.com.
