Columbia Property Trust has sold 800 North Frederick Avenue in Gaithersburg, MD, for $48 million. SunCap Property Group picked up the 40-acre parcel, located in the Technology Corridor just north of the intersection of Montgomery Village Avenue and Interstate 270. The site currently features a 410,698 sqf office building and a large surface parking lot constructed in 1986. Cushman & Wakefield’s Paul Norman, John Pellerito, Eric Berkman and Kevin McGloon represented Columbia in the deal.
“We are pleased to have represented Columbia Property Trust and enjoyed working with SunCap Property Group to secure approvals for a distribution facility,” said Norman. “The project represents not only the highest and best use for the property, but also generates employment and tax receipts for the local economy.”
