St. John Properties Inks 2 More Leases at Maryland Business Park
The deals bring Riverside Tech Park to over 96% leased.
By Nick Trombola October 31, 2024 4:28 pm
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One of the biggest privately held real estate firms in the country has landed two more lease deals in its home state of Maryland.
Baltimore-based St. John Properties has inked two retail leases for a combined 32,000 square feet at its 70-acre Riverside Tech Park in Frederick. Wine and spirits provider DMV Distributing signed a 23,040-square-foot renewal and expansion lease at 8450 Broadband Drive, a bump of 8,520 square feet to its existing space, while a franchisee of remodeling showroom ProSource Wholesale of Frederick signed for 9,000 square feet in the same building.
“Our business is steadily growing, and it was important to expand our presence at Riverside Tech Park to carry more inventory,” Alan Emery, DMV Distributing founder, said in a statement. “The building’s immediate access to major highways such as Interstates 70 and 270 enable our drivers to efficiently reach customers throughout the local region.”
DMV Distributing later this year plans to move about 10 employees to its expanded space at the complex, which it has occupied since 2018, while the ProSource franchise plans to begin operations there early next year. MacKenzie Commercial Real Estate Services’ Dennis Boyle and Graham Sevy represented DMV Distributing, MacRo Commercial Real Estate’s Ashleigh Kiggans represented ProSource, and St. John Properties’ Danny Foit represented the landlord in the deals in-house.
The deals bring Riverside Tech Park to over 96 percent leased, according to St. John Properties.
“Companies like DMV Distributing and ProSource Wholesale choose Frederick’s Riverside Tech Park for its strategic positioning within two major population centers, a robust labor market and a higher quality of life,” Matt Holbrook, regional partner for St. John Properties, said.
St. John Properties in January finished construction on two flex/R&D buildings at Riverside Tech Park, completing its development of the complex. The two buildings bring the complex to 14 properties with a combined total of more than 750,000 square feet.
Another tenant at Riverside Tech Park is biotechnology developer BioFactura, which earlier this year expanded its operations by 12,000 square feet. The developer needed the extra space to help development of a smallpox therapeutic, for which it received an $80 million contract across multiple contract activations.
Nick Trombola can be reached ntrombola@commercialobserver.com.
