189,000-SF Warehouse Sells for $39 Per SF

(To read more on the industrial market, click here.)

FREDERICK, MD-Building Exchange Corp. and 200 Monroe LLC acquired the 189,000-sf warehouse and distribution building at 200 Monroe Ave. for nearly $7.4 million. The seller was Custom Printing Co. The unoccupied facility was formerly home to St. Louis-headquartered textbook printing and graphics concern Von Hoffman Corp., which vacated the property with the closing of its local operations in January.

Gersten Commercial Real Estate’s Richard Gersten represented the seller in the transaction, while Transwestern Commercial Services’ Bob Filley stood in for the buyer. Developed in 1970, 200 Monroe St. occupies a 10-acre parcel near I-70 and I-270, close to the currently expanding Frederick Regional Airport.

According to Gersten, there was a significant amount of competition for the site among hopeful investors. “The property sold vacant for a high price because area tenants have expressed interest in parts of the property for relocation or expansion,” Gersten notes. As per Frederick County records, the property has a current assessed value of just under $5 million.