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.