Burke, VA (PRWEB) September 16, 2005
Ideally situated office building in revitalized Silver Spring, MD business zone up for auction to highest bidder September 22. Auction on behalf of Douglas Development by Tranzon Fox. Interested bidders calling from coast-to-coast, proving interest is high for this hot property, vacant, ready to tailor to new owner's needs.
Washington, D.C. September 14, 2005 - Companies seeking corporate headquarters or investors looking for office or residential condominium redevelopment opportunities in one of the hottest revitalized business centers in the D.C. metro may find the perfect match in a multi-story office building up for sale by Tranzon Fox at auction on Thursday, September 22. Tranzon Fox is part of Tranzon, LLC, a leading national accelerated marketing and auction firm and is orchestrating the sale of the Silver Spring, MD property on behalf of Douglas Development. A giant in the Mid-Atlantic market, Douglas has purchased, refurbished and leased retail and office properties throughout the District of Columbia, Maryland and Virginia since 1985.
The D.C. developer purchased the 8728 Colesville Road office building a decade ago from a lender as an investment property, intent on building equity and selling when market conditions proved most favorable.
"That time has come," says Norman Jemal, vice president/secretary of Douglas Development, which is based in the nation's capital. "We bought the property at a price we couldn't pass up and always intended to hold on to it, then sell at the 'right' conditions. This is an ideal opportunity for a buyer to acquire real estate in downtown Silver Spring, which has undergone an amazing transformation over the past three years, becoming one of 'the' places to do business in metro D.C."
According to Jemal, the property is in the much touted Silver Spring redevelopment zone - a collection of thriving retail operations, upscale restaurants and successful companies including Discovery Communications, which was on the ground floor of the "Silver Spring Has Sprung" campaign: a half-billion dollar redevelopment project spearheaded by Montgomery County Executive Douglas M. Duncan.
Montgomery County provides exactly what many companies seek: an educated workforce, skilled laborers, culture, access to the epicenter of political power, upscale lifestyle, quality education and the resources of a state called "America in Miniature."
Stephen Karbelk, CAI, executive vice president of Tranzon Fox, heads the auction sale process and says calls from interested bidders were received even before marketing materials went to press, knowing that Douglas Development elected the sale-by-auction method to expedite the deal.
Douglas Development has earned a reputation for creating value and a "sense of place" in underdeveloped yet emerging areas. The Colesville property is just another example of their philosophy in action.
"This is a renovated 13-story building with a new façade, first-class granite lobby, renovated common areas and lavatories plus ADA and life safety upgrades," says Karbelk. "It's two blocks from the metro, sits adjacent to a public garage and offers 9,700 square feet of floor plates and a five percent core factor for full-floor users - perfect for a buyer who needs a specific configuration and can easily customize to suit their own, or tenant needs. As an added bonus, the building provides excellent views, with windows on three sides, giving workers or residents an atmosphere of light and openness."
"With a minor investment in improvements to the base building the new owner could make a tidy profit from establishing office or residential condos or using the property as corporate headquarters. I'd put the dollar amount in needed improvements at about $50 a foot, and the new buyer could turn around and sell it for triple that amount," Jemal says.
The September 22 auction starts at 11:00 a.m. at the 8728 Colesville Road location and is open only to qualified, pre-registered bidders. Inspections are available by appointment. For a complete bidder's auction package, including the bidding procedures, contact Stephen Karbelk at 703-912-3307 (office) or 703-927-6838 (cell).
Tranzon Fox, with offices in D.C., northern VA, Tidewater, VA, Richmond and NC, is part of Tranzon, LLC, a nationwide accelerated marketing and auction firm with offices coast-to-coast and national headquarters in Richmond, VA. Last year the company conducted more than 1,300 auctions in 41 states and the District of Columbia. Tranzon professionals specialize in providing real estate and business asset and liquidation auction and accelerated marketing services to corporations, financial institutions, trustees, individuals and estates throughout the U.S. Learn more about Tranzon at http://www.tranzon.com