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LANHAM, MD-A local investor, known as BRIT LP, has acquired a flex building here for $9.7 million, or $177 per sf, in an off-market trade. Much of the deal’s appeal for the buyer, according to Joe Friedman of Transwestern’s ASSET Investment Sales Group, which brokered the sale for the buyer, is that it was able to assume a below market conduit loan that is securing the property. Also, he tells GlobeSt.com that the property and the market’s fundamentals met the requirements of its 1031 exchange.

Besides Friedman, Andy Stape and Mat Adler also represented the buyer in the sale. The seller is undisclosed, and Friedman declined to reveal its identity. The 54,962-sf flex building, located at 4260 Forbes Blvd., is fully occupied by three tenants, including Northrop Grumman, which occupies nearly 40% of the building. The single-story flex building was built in 2001 and features 16-foot clear heights and ten exterior loading docks.

Demand for flex property in Lanham is stable, Friedman says–the true appeal of the property’s location, rather, is that it is part of the Washington Business Park, one of Prince George’s County’s best offerings. Another recent trade in that park was a nine-asset, 565,991-sf office/flex portfolio, for $68 million, in May. Jim Darby, Rob Foa, Gerry Trainor, and Dan Speilman of Transwestern’s Institutional Commercial Group represented the seller, Cohen Cos., in that portfolio sale, which consisted of two office buildings and seven flex buildings.

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