{"id":1004207231,"date":"2018-02-15T10:56:20","date_gmt":"2018-02-15T18:56:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004207231"},"modified":"2022-12-08T21:08:42","modified_gmt":"2022-12-09T05:08:42","slug":"berkeley-partners-buys-14m-dc-area-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/berkeley-partners-buys-14m-dc-area-asset\/","title":{"rendered":"Berkeley Partners Buys $14M DC-Area Asset"},"content":{"rendered":"<p>By Tudor Scolca<\/p>\n<div id=\"attachment_1004207232\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Gude-Commerce-Center-e1518699768683.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004207232\" data-attachment-id=\"1004207232\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/berkeley-partners-buys-14m-dc-area-asset\/gude-commerce-center\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Gude-Commerce-Center-e1518699768683.jpg\" data-orig-size=\"2452,1837\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;14&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS 5DS&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1500458702&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;20&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;0.008&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Gude Commerce Center\" data-image-description=\"&lt;p&gt;Gude Commerce Center, at 1011 E. Gude Drive&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Gude Commerce Center, at 1011 E. Gude Drive&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Gude-Commerce-Center-e1518699768683.jpg?w=1024\" class=\"wp-image-1004207232 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Gude-Commerce-Center-e1518699768683.jpg\" alt=\"Gude Commerce Center, at 1011 E. Gude Drive\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Gude-Commerce-Center-e1518699768683.jpg 2452w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Gude-Commerce-Center-e1518699768683.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Gude-Commerce-Center-e1518699768683.jpg?resize=768,575 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Gude-Commerce-Center-e1518699768683.jpg?resize=1024,767 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Gude-Commerce-Center-e1518699768683.jpg?resize=1536,1151 1536w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Gude-Commerce-Center-e1518699768683.jpg?resize=2048,1534 2048w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Gude-Commerce-Center-e1518699768683.jpg?resize=150,112 150w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Gude-Commerce-Center-e1518699768683.jpg?resize=696,521 696w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Gude-Commerce-Center-e1518699768683.jpg?resize=1068,800 1068w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Gude-Commerce-Center-e1518699768683.jpg?resize=1920,1438 1920w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Gude-Commerce-Center-e1518699768683.jpg?resize=561,420 561w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Gude-Commerce-Center-e1518699768683.jpg?resize=80,60 80w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Gude-Commerce-Center-e1518699768683.jpg?resize=265,198 265w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004207232\" class=\"wp-caption-text\">Gude Commerce Center, at 1011 E. Gude Drive<\/p><\/div>\n<p>Berkeley Partners has acquired an 80,000-square-foot industrial\/retail property in Rockville, Md. Finmarc Management Inc. sold the asset for $14.6 million, and was represented in the transaction by MetCap Advisors.<\/p>\n<p>The facility served as the headquarters of printing and mail service company Smith Litho, which went out of business in 2010, after almost 37 years of activity. Gude Commerce Center is located at 1011 E. Gude Drive, near Interstate 270 and Maryland routes 355 and 200. The building is north of Washington, D.C., approximately 23 miles from downtown and 27 miles from Ronald Reagan International Airport.<\/p>\n<h2>Capital Improvements<\/h2>\n<p>Finmarc acquired the vacant asset in 2013 for $5.9 million. The company invested more than $4 million on a full renovation and transformation of the building. Improvements included the replacement of interior and exterior lighting, new electric and HVAC systems, a new roof and new fa\u00e7ade, as well as repaving the parking lot. At the time of sale, the building was 94 percent occupied by various tenants.<\/p>\n<p>\u201c<em>Finmarc remains extremely bullish on this section of Montgomery County, as evidenced by our acquisition last year of a four-building 130,000-square-foot industrial complex on Southlawn Lane, as well as our other property holdings in this submarket. We maintain a tremendous amount of confidence in the long-term viability and health of this area,<\/em>\u201d said Sean Sullivan, vice president of Finmarc Management, in a prepared statement.<\/p>\n<p>Last July, the company\u00a0purchased the Festival at Manassas, an 117,000-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/finmarc-nabs-va-shopping-center\/\">shopping center in Manassas<\/a>, Va.<\/p>\n<p><em>Image courtesy of Finmarc Management Inc<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Previous ownership acquired a completely vacant building in 2013 and invested more than $4 million in renovations and various upgrades.<\/p>\n","protected":false},"author":1284,"featured_media":1004207232,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,11,21752,21742,1615],"tags":[34645,34253,36370],"class_list":["post-1004207231","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-midatlantic","category-mixed-use","category-latest","category-washington-dc","tag-berkeley-partners","tag-finmarc-management-inc","tag-sean-sullivan"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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