Nonprofit Identity Acquires New HQ Building in Gaithersburg
By Keith Loria February 1, 2024 6:13 pm
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Identity, a Gaithersburg, Md.-based nonprofit that provides services to underserved youth in Montgomery County, has acquired 620 E Diamond Avenue, a 25,000-square-foot office building in Gaithersburg, for $4.4 million.
Finmarc was the seller of the two-story building, part of a nine-building portfolio comprising approximately 342,000 square feet that it acquired from First Potomac Realty Trust in 2014.
“This sale continues our strategy of disposing select assets and to deploy the generated funds into emerging acquisition opportunities we expect to uncover in 2024,” David Fink, a principal of Finmarc, told Commercial Observer.
“We are particularly attracted to underperforming properties that provide our team the opportunity to create long-term and sustained value with the implementation of proven leasing and asset management strategies that lower operational expenses,” Fink said.
For instance, Finmarc sold Largo Town Center, a 280,000-square-foot regional retail center in Upper Marlboro, Md., last year for $70 million, a 59 percent markup from the price it paid in 2019, after leasing up the center to nearly 90 percent.
Identity, which currently leases its headquarters close by at 414 East Diamond Street, operates four high school wellness centers and two youth opportunity centers in Montgomery County. The organization intends to relocate to its new home later this year.
The group provides a broad array of programs and services focused on supporting the physical, social, emotional and mental well-being of Latino and other historically underserved youth throughout their high school years.
Ken Fellows and Rob Pugh of KLNB represented the seller in the deal, while Jhon Pacheco of CBRE (CBRE) represented the buyer.
Keith Loria can be reached at Kloria@commercialobserver.com.
