Cushman & Wakefield Represents Columbia in Sale of Land Parcel
Cushman & Wakefield announced today that it represented Columbia Property Trust, Inc. (Columbia) in the $48 million sale of 800 North Frederick Avenue in Gaithersburg, MD, to SunCap Property Group.
Paul Norman, John Pellerito,Eric Berkman and Kevin McGloon represented Columbia in the deal.
The 40-acre parcel is located just north of the intersection of Montgomery Village Avenue and Interstate 270, in the Technology Corridor with nearby access to the Inter County Connector (ICC) and Maryland Highway 355. It currently features a 410,698 square foot office building and large surface parking lot constructed in 1986.
“We are pleased to have represented Columbia Property Trust and enjoyed working with SunCap Property Group to secure approvals for a distribution facility,” said Mr. Norman. “The project represents not only the highest and best use for the property, but also generates employment and tax receipts for the local economy.”
In addition to the surrounding office complexes anchored by Kaiser Medical Center, Lockheed Martin, DRS, the U.S. Humane Society and the National Institute of Standards and Technology (NIST), the property has access to amenities and surrounding transportation routes, including Frederick Avenue, a new retail center anchored by Costco, Watkins Mill Town Center and Downtown Crown.
About Columbia Property Trust
Columbia Property Trust owns and operates Class-A office buildings in competitive, primarily CBD locations, and over half our investments are in high-barrier-to-entry, primary markets. Our $5 billion portfolio includes 25 office properties containing 12.7 million square feet and one hotel, concentrated in San Francisco, New York, and Washington, D.C. Columbia is listed on the New York Stock Exchange under the ticker symbol CXP and carries an investment-grade rating from both Moody’s and Standard & Poor’s. For more information about Columbia, please visit www.ColumbiaPropertyTrust.com.
About SunCap Property Group
SunCap Property Group is a privately held, national commercial real estate development, investment, and advisory firm. SunCap specializes in the development of single tenant, build-to-suit and mixed-use projects across North America. Other core services include providing corporate real estate advisory services for our clients and acquisition of institutional-grade real estate in key markets. SunCap has successfully completed over $2 billion in build-to-suit projects for its clients in the past three years. SunCap is based in Charlotte, NC and has offices in Denver, CO and Pittsburgh, PA.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWakeon Twitter.
