ROCKVILLE, MD-Finmarc Management has acquired the former Smith Litho building, an 80,000 square foot flex building here for $5.87 million. Kenneth Fellows and Robert Pugh, principals of Edge Commercial Real Estate, represented both the seller, H&S Leasing Associates LLP and Finmarc Management.
The property is located at 1011 E. Gude Dr., immediately adjacent to Interstate 270 and the Intercounty Connector (MD Route 200). The building was the headquarters of Smith Litho, a full-service printing and mail services company, but has been vacant since it ceased operations in 2010.
Finmarc Management plans to invest more than $2 million in capital improvements, including installing a new roof, repairing and repaving the parking lot, renovating the exterior facade, replacing exterior and interior lighting and other tenant improvements.
Finmarc acquired this building in part due to the diminishing supply of flex/office in Rockville, says Marc Solomon of Finmarc Management, in a prepared statement. "Our improvement strategy will elevate 1011 E. Gude to the upper tier of properties available in this sub-market, and properly position the asset to achieve dramatic and long-term value," he says.
The building was acquired below replacement cost and was funded using a portion of the proceeds from the sale of The Shoppes of Burnt Mills, a 100% leased shopping center located in Silver Spring that was recently sold, Solomon added. The trade was part of a 1031 exchange.
Regency Centers acquired the 31,316-square foot neighborhood center for $13.6 million in an office market deal. The center is anchored by Trader Joe's.
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