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.