While activity in sales volume fell off considerably from recent quarters, the largest transactions of Q3 2020 reflect product diversity in the local market.
As noted
in last week’s post, the largest closed transaction during Q3 of 2020 in Frederick County, Maryland was 55 year old Brooklawn Apartments. The 86-unit property located on the edge of downtown Frederick’s Baker Park sold for $10,800,000 in August.
There were only 4 other transactions that registered transfers topping a sales price of over one million dollars. Here are the highlights:
605 East Church Street – Formerly used as the maintenance and supplies facility for Frederick Health (formerly known as Frederick Memorial Hospital), the nearly 51,000 square foot warehouse is situated on the edge of a deep 24.2-acre parcel. The rear 19 acres of the property has long been a prime site for future residential development and comprehensively planned by the City of Frederick for an extension of East Seventh Street into the Nicodemus Farm PND residential community immediately to the east of subject. With Frederick Health’s recent purchase of the former State Farm Insurance regional campus on Monocacy boulevard in November of 2019, all equipment and services were moved from the Church Street facility, rendering it an unusable asset. The property was sold for $7,200,000 to FPC EAST CHURCH LLC which is affiliated with KLNB MANAGEMENT in Annapolis, Maryland. The plan for the new owner is to sell off the warehouse with 3 to 4 acres and then pursue the residential opportunity on the remining vacant land.
11719 Old National Pike – This 1,080 square foot New Market C-Store on 1.05 acres transferred in July from FALCON PROPERTY LLC to SUPER OIL LLC based out of Clifton, Virginia. Falcon sold the New Market Shopping Center parcel for $2,370,000, after only holding it for six years, when they purchased it at that time for $1.2 million. That equates to an average annual return on the investment of nearly 16%.
71 Thomas Johnson Drive – Frederick’s well-established Doctor’s Row scored another nice closing in September, when this 8,152 square foot free standing medical office building sold for $1,957,000. The property was owned by the late Nathan Wei, MD FACR, who operated Arthritis and Rheumatism Associates PC, at that location, for about 17 years. The new owner is AUTUMN LEIF HOLDINGS LLC.
605 N Bentz Street – This is an interesting property with a storied past … and some stories just can’t be told. All that stated, this property, assembled from multiple lots back in the day, has changed hands a few times over the years, and along the way, it was converted into an office condominium building. Not too many (if any) of the units have been sold off. So, this transaction from GS REAL ESTATE LLC to KEY605 LCC that took place in August contains 14 separate individual units ranging in size from 451 square feet to just overt 2,000 SF. Now known as The Bentz Street Professional Center, the two-story building contains over 13,000 SF of units excluding common area. The transfer price was $1,800,000. Kip Jawish, one of Frederick’s most well-known personal trainers, operates out of units 104 and 105 on the ground floor of the building. His IT-FIT Studio has a very strong membership which has aided in voting him Frederick Magazine’s Top Personal Trainer multiple times over the last 7 years.
As usual, stay tuned for more property updates over the weeks to come.
Rocky Mackintosh, President of MacRo, Ltd., a Land and Commercial Real Estate firm based in Frederick, Maryland, has been an active member of the Frederick community for over four decades. He has served as chairman of the board of Frederick Memorial Hospital and as a member of the Frederick County Charter Board from 2010 to 2012. He currently serves as chairman of the board of Frederick Mutual Insurance Company. Established in 1843, it is one of the longest enduring businesses in Frederick County.