There is no Compton Avenue in Monopoly.

Remember in the game of Monopoly when you trade in four green houses for a big red hotel? I expected to see a real life version of that when husband and wife attorneys had me list 305, 307, 309, and 311 Compton Avenue for sale. Little green houses on land that was zoned commercial, ready for that big red hotel.

The first offer came from a large apartment construction company. Were they interested in buying it all to build a big red apartment building? No. They bought just the end property at 305 Compton for office space. Next a dentist bought the other end at 311 and half of the land on 309 Compton. Finally a local builder bought 307 and the rest of 309 Compton for their office.  

Like the game of Monopoly, we ended up with a variety of players. My client’s marker got to pass Go and collect $200. The others all got to buy the properties they wanted and can offer their guests plenty of Free Parking.

SIGN HERE

When I was hired on as the broker to help the Plumbing Heating Cooling Contractors (PHCC) lease space they were not using, the first thing they asked me to do was put my SIGN HERE.

Today I got a sign call like many from someone looking for an office or two. The space I have is 3,500 SF and can not be divided. For these callers I refer them to my database of all spaces for lease in Falls Church. Hopefully they find an appropriate lease to SIGN HERE -   http://bit.ly/cfccommercial   

Asthma and Allergy               Office Search

They say pictures are worth a thousand words. The great architect Le Corbusier is quoted as saying “I prefer drawing to talking. Drawing is faster, and allows less room for lies.” I find that is so appropriate when I am working with clients looking for office space. Until a client’s wish list is translated to a floor plan there is a lot of room for lies.

 After touring the market for an appropriate location for my client's asthma and allergy practice we came to an agreement on terms with the owner of the Musgrove Medical Arts Center. It appeared that a suite once occupied by an orthopedic practice was about the right amount of space for their program. The doctor's provided me with a simple and very helpful wish list. 

After a number of initial schemes, we settled on a good overall layout.

Two areas stood out as needing further attention. The area for the doctor’s offices and the nurse’s station - lab area. Both of those area’s needed to be locked and access to them protected.

The office area was easy to resolve, expanding the third office to eliminate a dead end hallway and picking up an additional window. This expansion office area turned out so nice one of the physicians choose it as her office. Locked doors at certain points and a separate staff entrance were a must.

The nurse’s station – lab area went through a couple rounds of design development. It was central to the function of the office yet it had to be secure and the lab area had an additional level of security. The sketch below shows the detailed development to ensure there was room for the refrigerator.

After all plan layout issues were resolved, flooring and other finishes were chosen. What type of surface do you want in a lab area? If someone drops a vile you don’t want it landing on a hard surface that may cause it to break but carpet is definitely a no-no. Luckily there are some great new floor surfaces.

From wish list to final plan we packed a lot of function into a small suite but left no room for lies.

Laurel Maryland Medical

Triple Condo Sale

“Mr. Laurel” took over the listing of this triple-unit Laurel Lakes medical condo that had been on the market for years. Marty applied his architectural skills to surgically remove one unit from the other two to create multiple buyer options. The plan worked so well a family of doctors (two brothers, a sister and their father) bought the entire property. Suites 8313-8315-8317 Cherry Lane  sold for approximately $160 per square foot.

Most condos in general are one-half to one-quarter this size. Like most medical condos it had infrastructure that is expensive to install, and like many well used offices, the interior required major renovation.

COLUMBIA OFFICE CONDO

LEASED

This is another Howard County office condo Marty leased for this Landlord. This first floor unit was located at 5501 Twin Knolls.  The tenant is a growing software and accounting firm that needed additional space for new staff and contracts. The unit leased for        approximately $16.00 per square foot net of all expenses and "as is".

Martin has represented many condo owners in the lease and sale of their properties in Maryland, Virginia and Washington DC.  Many of the owners, like this owner, did not initially buy the property as an investment, but as a home for their business.

ATHOLTON SQUARE

FULLY LEASED

Martin Kibbe represented the Landlord, Baja Properties, LLC in the leasing of one of their last available office condominiums at 10450 Shaker Drive in Columbia. The first floor unit (109) was leased to a local law practice and a two level unit (110) was leased to a boutique residential mortgage firm. Both units were leased “as is” for approximately $20.00 per square foot.

Martin has represented many condo developers in the lease and sale of their properties. Both of these tenants, like many tenants looking for small business space are not working with a real estate broker. Leasing these properties requires marketing that can easily be seen by the general public, a quick response to their calls and good follow up.

Park Place Development Matures

Marty started marketing Park Place when it was a wooded lot. He was given the listing to sell the commercial condo units in the first building to be constructed — 601 7th Street. When the bulldozers came to break ground, he fielded the calls complaining of tree removal. He also received “thanks yous” from neighbors for removing the years of trash that had collected on the site. All twelve units were spoken for before the building was complete.

Most of the condos were purchased by buyers intending to occupy the units for their own companies use. One floor of office units was purchased by an investor and Marty was charged with leasing those units. All the units were initially leased to quality companies. Some suites are now available because those companies have grown and relocated.

As an architect, Marty is used to seeing projects through from start to finish.  It is rewarding as a broker to be that involved.

Location Location Location

for Boxes Boxes Boxes

Martin helped Boxes Boxes Boxes lease 22,000 square feet at West Patapsco Industrial Park. The 60 acre park is ideal for distribution type businesses and handles the storage needs of tenants such as Brody Trucks and Home Depot.

Boxes Boxes Boxes is a top rated wholesaler of moving and packing supplies to self-storage, apartment management, truck rental, and restoration companies in the Mid Atlantic area. Known for their boxes with  “hole handles” and free delivery, it was important to locate the most cost effective facility to offset the rising costs of fuel, and corrugated cardboard. If you need packing supplies feel free to email them at info@BoxesWithHandles.com.

Laurel / Maple Lawn

Commercial Land Sale

 

During the development of the Maple Lawn area, the property owner jumped aboard the rezoning train and got their two acre homestead rezoned for commercial use. The expansion of Columbia Pike had changed their access to the property and the state had taken a portion of their land for a storm water management area. The owners already had a home in North Carolina and it was time to sell. Their local residential real estate agent referred them to Marty.

Two acres for sale near Maple Lawn will produce a lot of interest. The B1 Zoning however was not a perfect match for many buyers. Many offers were submitted. The successful buyer was a local business owner that only required the sellers to move. This land sold for slightly more than $300,000 per acre.

SOLD - Property Zoned Residential

With Approved Commercial Use

Martin represented the Seller, Larann Properties LLC on the sale of their commercial building located at 3411 Spencerville Road in Burtonsville, Maryland.  The building is known as the Country School Antiques Building. The Renaissance Baptist Church purchased the building for $771,000.00 or $114.53 per square foot. 

Need Walking Shoes

to Wear Tuxedo.

I had a problem. My new client was flying to town in a week with cash from a 1031 exchange. She knew exactly the type and location of property she wanted. I knew the perfect place and to my delight there was a unit for sale by it’s owner. I left a message on the property owners voice mail……....every day for a week. No return call. When my client came to town I showed her the market and then we headed for Tuxedo Road. She agreed it was ideal. We started walking the park initially to find the status on the “FISBO” and then we just started asking if they knew any other sellers. On a Friday afternoon at beer-thirty, we came across an owner that was willing to let one of his units go. The unit was better than most in the development.

At $140 psf, the buyer was delighted. The price reflects an improved real estate market where supply and demand create good value.

Cunningham & Associates Office Relocation

My first project with the Cunningham’s was selling a small commercial building they owned in Old Town Alexandria in the year 2000. Over the next fifteen years I have brokered their initial move to Roslyn, two lease renewals, and an expansion. This year Mr. Cunningham turned 80. He wanted to stay in Roslyn, downsize, cut his rent expense in half, and wanted a three year lease per the terms he had negotiated with this wife to continue to practice law. He also wanted an office with a good view. Tenant’s requesting a short lease for a small space with prime views do not typically motivate landlords to sharpen their pencil and offer the best deals. In this case our strategy of proposing immediate occupancy for a good credit tenant on a space that just needed a coat of paint, paid off.

The asking rent for their best option was $37.50 per square foot with 3% escalations every 12 months. We were able to reduce that cost with a rent abatement of $3.50 per square foot, a tenant improvement allowance concession of $5.50 per square foot, and just one rent escalation after 18 months. That amounts to an effective rent of less than $30 per square foot. 

As part of the deal, I agreed not to identify the property by name. Instead of a typical photo of the building I have shown a red box on an aerial view of the building to identify the 11^th floor corner suite location of Cunningham & Associates new office. Good deals can come in small packages.

SUCCESSFUL TRANSPLANT

OF WOODSIDE PEDIATRICS

Martin Kibbe of RE/MAX Commercial represented Woodside

Pediatrics when they were forced to relocate from 8830 Cameron Street in Silver Spring. The practice had been in the same location for 18 years when the building was sold to an owner that was not renewing leases. 

Martin has represented many medical practices and knows the drill. Find a space nearby with plumbing and great parking. To make it more challenging Dr. Adams cited her College Park office as the ideal layout. We helped her find that office almost 10 years earlier.

Unable to find an existing suite that fit the program, Martin put his architectural background to good use stitching two small suites together.

BEFORE - Suite 216 had two exam rooms, an office, lab, bathroom, and a reception / waiting area. Suite 218 had an office, lab, bathroom, and a reception / waiting area.

AFTER - The new Suite 222 has four exam rooms, an office, lab, lunch room, separate bathrooms for patients and staff, plenty of storage and a reception / waiting area with room for those "Cadillac" strollers.

The new office at 1111 Spring Street is a medical building right around the corner from the old office. Easy for the patients to find with better parking. Instead of a small expensive parking lot, the new office is directly across a side street from a County parking garage. 

 

  

5901 Columbia Pike

Car Wash Land Sale

Fairfax County granted the buyer of this acre site a special exception to allow the development of a car wash facility. The seller had been working on this before the property went under contract. The county liked the use, the neighbors liked the use and it still took well over a year for the special exception to be granted so the sale could close.

The buyer is a very experienced car wash developer. The property sold for approximately $38 per square foot.

FSBO. BPO.

The owners of this industrial property in Odenton, Maryland

decided to sell their property - “For Sale by Owner” (FSBO).

Fortunately for them, the buyer looking for just such a property had a good agent and she found this needle in a haystack. The agent asked Marty for his “Brokers Price Opinion” (BPO) and

for his overall advice. Once the sales price was agreed to, the

focus became the environmental study.  The seller’s use raised some concerns but the neighboring Ft. Meade and Anne Arundel County facilities are known offenders. The Phase One study left

a few questions unanswered so soil tests were performed. The

tests determined the property was free from any hazardous

materials and sold for approximately $100 per square foot of  building or $10 per square foot of land ($430,000 per acre).

SOLD

2620 Shirlington Rd.

Arlington, VA

2620 Shirlington Road was home to one of the first Champion Billiards restaurant, billiard hall & furniture showrooms. Built in 1990, Marty was one of its first patrons. The area has much improved.

The buyer was interested in the property a year before the contract was ratified but the seller needed to delay the sale. Hurry up and wait. The property settled for $200 per rentable square foot.

The new owner is entertaining a variety of users. Cube Smart purchased a large parcel nearby and there is an acre of commercial land next door. Development

continues to be strong in Arlington and this area is no exception.

Laurel Maryland Medical

Office Space Gets Top Dollar 

Ten years ago our office was in Laurel. Marty even got the nickname “Mr. Laurel”. We have leased and sold many units in Laurel Hospital’s Medical Arts Pavilion. Recently we settled the largest unit in the property. Suite 110 sold for approximately $240 per square foot.

Most medical office condos, Medical Arts Pavilion office condos, and office condos in general are one-half to one-quarter this units size. Like most medical condos it had improvements that are expensive to install and it had some very specialized rooms and improvements. There were only a handful of medical practices in Laurel that were large enough to consider this space home. Over time and an ever changing real estate market one group presented itself as the obvious buyer. The final deal, like many patients, required a second opinion.

SOLD

Former Millennium Bank Building

1051 Elden Street, Herndon, VA.

Martin Kibbe listed the former Millennium Bank Building for sale after federal regulators shut the bank down and handed over its  deposits to Washington First Bank. The building was owned by a Potomac, Maryland based LLC.

1051 Elden is a two story, 7,400 SF office building on three quarters of an acre with good parking. The property zoning allowed a good variety of uses and fetched a variety of offers. SSE LLC’s offer of $270 PSF and settlement in thirty days was accepted.   SSE bought the building as is and will renovate the property for its own use. Settlement started on December 2, 2014 and took over thirty days to finish. The buyer was in China. China’s lack of notaries required many weeks of appointments at the US Embassy.

9 Ball in the Corner Pocket

900 Rockville Pike Sale

This half-acre site had approval for a 12,000 SF billiards showroom. With the economic slowdown those plans were shelved and Martin was asked to sell the property.

The buyer was interested in the property a year before the contract was ratified but the seller needed to delay the sale. Hurry up and wait. The property settled for $60 per square foot.

There are not many vacant sites on Rockville Pike. The property also received acceptable findings from both a Phase 1 and Phase 2 environmental studies. Similar Rockville land values range from $45 to $110 per square foot.

345 N. Charles Street - SOLD

The Attorney Fraternity

 

Phi Alpha Delta Law Fraternity International has sold 345 N. Charles to 345 Charles LLC. The P.A.D. board had decided their    director should not be in the property management business and asked Martin to sell the property. They will continue to occupy the property until they are able to complete an IRC 512 exchange.

The buyer will occupy a portion of the property and the first floor will be available for lease. The property sold for approximately $60 PSF.

PHCC HQ Space Leased

Falls Church, VA.

 

The National Association of Plumbing Heating Cooling Contractors own and occupy a small office building in Falls Church, Virginia. PHCC currently occupies two of the three floors and leases out two suites on the top floor. An accounting firm had outgrown the space they leased and relocated. The association’s CFO contacted her

trusted  residential real estate agent and that agent referred her to Marty.

The tenant’s floor has a separate elevator lobby and recently

renovated restrooms. The 3,300 square foot suite was in good

condition and … you guessed it...has a very nice HVAC system.

Two well qualified tenants were interested in leasing the space,

one of which required only paint and a new suite entry sign.

The space leased for five years at $23.50 PSF Full Service.

Siamese Twins Sold.

Different Models, Identical Price.

“Mr. Laurel” listed the Laurel Realty Building at 150 Washington first. The neighboring owners of the Laurel Plumbing Building at 132 Washington called to say “Me too.” Both long term owners had decided their buildings were ready for new opportunities.

Even though 150 Washington is a two story office building with good parking, and 132 Washington is a one story warehouse / showroom with no parking, their values were similar. The old saying “buy two, they’re small” seemed appropriate to many

prospective buyers. The properties both sold for identical prices but to separate buyers. Both buyers have planned major renovations before the buildings will take on their next lives.