Fisher Zucker specializes in business and franchise law. Steve Perna, a principal of locally based PernaFrederick Commercial Real Estate, represented the law firm in this transaction. Pam Laws of a local office of Prudential Fox & Roach Realtors represented the seller.
The price was $1.3 million, which translates to nearly $186 per sf. "It's not an investment price, it's a user price, and, if a property suits their needs, users tend to pay a little more," Perna tells GlobeSt.com. "It wasn't analyzed on a cap rate basis. That never entered into the negotiations. They wanted the building."
It was delivered vacant and Fisher Zucker is investing in minor upgrades. The building is at least 75 years old, according to Perna, "and it's in very good shape." It was recently renovated and modernized by the previous owner and, before that, Perna says it was owned and occupied by an architectural firm that also invested in significant upgrades.
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