(Mark Your Calendars. The 11th Annual RealShare Washington, DC Convenes at the Ritz Carlton, June 1.)
LAUREL, MD-A mixed-use multifamily/office/retail project—all of it condos—has traded here. Bernstein Management Corp. acquired the luxury community, called Patuxent Place, from Cooper and Cummings LLC. CBRE’s Jonathan Beard, Bo Cashman and Mike Muldowney represented the seller.
Beard declined to tell GlobeSt.com what the purchase price was and given that the project consists entirely of condos, determining that from public records is difficult. Beard did say the property traded at a 8.8% cap rate.
“This is a value-add deal,” he says. It is also a major transaction for Laurel, he adds. “It’s a significant part of the community, located on the main street in Laurel, with uses for office, retail and residential.”
Patuxent Place consists of two condominiums and a standalone mixed-use building. It has had an average occupancy of 95% since 1986. At closing, the 97,865 square-foot community was 77% occupied.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
