Finmarc Management has closed on the disposition of the Gude Commerce Center in the Rockville section of Montgomery County, Maryland. The buyer, California-based Berkeley Partners, paid $14.55 million for the 80,000 square foot industrial/retail building. Located at 1011 E. Gude Drive, the asset changed hands for just under $182 per sqf. At the time of the sale the facility was 94 percent leased to nine tenants including the General Services Administration, Mayorga Coffee and the Habitat for Humanity’s ReStore affiliate. Finmarc invested more than $4 million in capital improvements including all new electric, plumbing and HVAC systems, a new roof, a new exterior façade and all new exterior and interior lighting. The seller bought the building in May of 2013 for $5.87 million.
“The new owner acquired a quality investment offering a stable tenant base, steady cash flow, low maintenance and historical rent appreciation,” said Sean Sullivan Vice President of Finmarc Management. “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,” Sullivan added.
