HAGERSTOWN, MD—Self-Storage Services is closing on a two-building office portfolio trade for $9.2 million. The assets are 122 N. Potomac St., a 53,705-square-foot single-tenant office building, which currently is housing the state of Maryland's Washington County Department of Social Services under a long-term lease and 1850 Dual Highway, a 43,653-square-foot multi-tenant office building that is fully leased to such credit tenants such as National Park Service, Coldwell Banker Innovations and Wells Fargo.
Joe Friedman and Julian P. Etches, managing directors of the Private Capital Group, Transwestern's Mid-Atlantic Investment Sales Platform, represented the seller in this deal. The marketing for the buildings began when they were still affiliated with Avison Young. Avison Young will continue to manage these properties.
We "were able to match a 1031 exchange buyer with two high quality suburban office buildings with credit tenancies and historically high occupancy rates in the Hagerstown market,” Etches says in a prepared statement.
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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.
