Silver Spring Flex Building Changes Hands in $13M Deal
BDC Spectrum has sold 12101 Tech Road, a 58,280-square-foot flex/office building in Silver Spring, Md., for $12.8 million, Commercial Observer has learned.
JLL (JLL) represented the buyer, listed as 12101 Tech Road LLC, in the deal, while Edge represented the seller.
“Acquiring assets of this size in the Montgomery County submarket has become increasingly difficult, given the lack of available properties for purchase, combined with the large volume of investors seeking investments in the Washington, D.C., suburbs,” Robert Pugh, a partner in advisory services for Edge, said.
12101 Tech Road features 22-foot ceiling heights and a free surface parking lot that can accommodate more than 100 vehicles. The property also boasts several loading docks.
The building is close to Maryland State Route 200, Interstate 95 and Interstate 495. The property is also within walking distance to the upcoming White Oak Town Center Development, WesTech Village Corner and Orchard Center, which offers numerous sit-down and fast-casual restaurants, shopping, and hotel options.
At the time of the sale, the property was fully leased to three tenants, though its largest tenant, Kingdom Fellowship Church, is planning to vacate its 40,000-square-foot space later this year.
Joining Pugh in representing the seller was Edge’s Kenneth Fellows, while Brad Crosley of JLL represented the buyer.
Keith Loria can be reached at Kloria@commercialobserver.com.