Frederick, Maryland (PRWEB) April 05, 2014
Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has completed the sale of the 28,000-square-foot (sf) West Park office building in Frederick, MD for $3.1 million.
Avison Young Principals Joe Friedman and Julian Etches represented the seller, First Potomac Realty Trust. The purchaser was a private, Frederick-based investor.
Located at 10 North Jefferson Street in the downtown business district, West Park offers a unique combination of free surface and covered parking. The 27-year-old building recently underwent a number of common-area improvements, including newly renovated elevator interiors, new HVAC units, and a new roof with a 15-year warranty. The building was 85% leased at the time of sale.
Friedman offered the following thoughts on the sale: “The sale demonstrates our team’s continued success in executing dispositions of non-core portfolio assets for REITs to private investors. The property was well-maintained by First Potomac with attractive leasing upside which attracted significant interest from the private investor marketplace.”
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 1,500 real estate professionals in 56 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties.