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WASHINGTON,DC-The sale of the Gaithersburg Warehouse nets sellers $10.5 million in 18 months. The Bernstein Companies’ $100-million Consortium Capital Fund and Finmarc Management Inc. sold a 230,000-sf warehouse in Gaithersburg, MD to Sears Great Indoors for $21 million. The joint venture purchased the mostly vacant warehouse 18 months ago for $10.5 million.

According to Adam Bernstein, president of the Bernstein Companies, the firm’s marketing strategy created tremendous competition for the, site drawing interest from companies such as Lowes and Home Depot. Consortium Capital provided equity funding for the April 30, 1999 acquisition, in which they partnered with Bethesda, MD-based Finmarc Management. That deal closed in five days.

The Bernstein Companies is a real estate development, investment, and management organization. Founded more than 60 years ago, TBC has been directly involved in transactions exceeding $1 billion and currently holds a commercial portfolio of more than 40 properties including office buildings, apartment complexes, and hotels.

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