Office Warehouse

12100 Parklawn

12100 Parklawn Dr, Rockville, MD 20852

Listing Price: Request For Offer

Gross SF
84,431
Lot Size
2.33 acres
Year Built
1964
Rentable SF
84,431

Investment Overview

Marcus & Millichap is pleased to exclusively present for sale 12100 Parklawn Drive in North Bethesda, Maryland (the “Property”). The Property is one of the larger infill industrial properties located In a small stretch of remaining and protected flex/industrial zoned land between two Red Line MetroRail Stations in North Bethesda. This approximately 85,000 square-foot complex offers excellent ceiling heights and a series of different size units to accommodate many types of tenants. HHS/FDA occupies just over 90% of the property and has been in place at the Property over 20 years. With the current lease expiring June 2021 and the ownership reaching a hold/sell decision point in their business plan, the ownership is making the Property available at the Purchase Price, which would achieve targeted returns for the investment. Neither ownership nor the GSA have begun any discussions regarding a renewal, although this is not to say a renewal is unlikely. However, over the past ten years the value of and demand for infill industrial has changed dramatically. With the outbreak of Coronavirus, close-in service based industrial is poised to experience further gains in value, especially in affluent areas such as Bethesda, Maryland. Therefore this offering is based solely on the assumption of the GSA vacating the property. No offer to assist an investors efforts to better understand the future actions of the GSA are being offered. Surrounded by high-rise development and Metrorail stations, the Property was designed for multi-tenanting and short delivery distances. Currently built-out as five separate suites, it can be easily demised for additional suites. While one connected building, the Property essentially has two wings. The rear of the Property currently is demised as four suites, all with a Wilkins address. On the corner, the namesake of the Property, 12100 Parklawn Drive, encompasses the front wing and consists of just over 50,000 square feet. The Parklawn wing is ideal for lease to a more prominent tenancy or sold to a user. Easily converted into two separate suites of varying sizes, each with desirable entrances, offices and loading, the front wing provides flexibility for a wide variety of uses, development, and/or last mile distribution space.

Investment Highlights

  • DEMISED SUITES IN PLACE FOR MULTI-TENANT LEASING - Separately metered suites in a variety of sizes to appeal to a variety of tenants simultaneously
  • CORNER LOCATION, AFFLUENT AREA - Superb existing corner location with excellent access, immediately off future Montrose East Parkway
  • RARE SCALE WITH DESIRABLE HEIGHTS - One of the larger industrial properties in the area with excellent clear heights for infill product
  • EXCELLENT USER & CONVERSION OPTIONS - Front wing is ideal for retail, self-storage, or a user sale, with recent sales in excess of $300/SF
  • IN PLACE CASH FLOW- 100% Leased, 90% Leased by GSA through June 30,2021, 10% leased by Seven Locks Brewery through 2025
  • UNDER MARKET LEASED - With average market rental rates of $16 NNN/SF, the property has a potential net income of $1.35 million

Exclusively Listed By

  • Bryn Merrey

    Senior Managing Director Investments

    (202) 536-3727

    Email Bryn

    License(s): MD: 646476, DC: PB98372978, FL: BK3079114, VA: 0225215804

    Washington, D.C.

  • Robert Filley

    First Vice President Investments

    (202) 536-3736

    Email Robert

    License(s): DC: sp98366082, MD: 579129, VA: 0225 079990

    Washington, D.C.

  • Robert Bechtel

    Senior Associate

    Email Robert

    License(s): NC: 277766

    Washington, D.C.

Listing Price: Request For Offer

Gross SF
84,431
Lot Size
2.33 acres
Year Built
1964
Rentable SF
84,431

Investment Highlights

  • DEMISED SUITES IN PLACE FOR MULTI-TENANT LEASING - Separately metered suites in a variety of sizes to appeal to a variety of tenants simultaneously
  • CORNER LOCATION, AFFLUENT AREA - Superb existing corner location with excellent access, immediately off future Montrose East Parkway
  • RARE SCALE WITH DESIRABLE HEIGHTS - One of the larger industrial properties in the area with excellent clear heights for infill product
  • EXCELLENT USER & CONVERSION OPTIONS - Front wing is ideal for retail, self-storage, or a user sale, with recent sales in excess of $300/SF
  • IN PLACE CASH FLOW- 100% Leased, 90% Leased by GSA through June 30,2021, 10% leased by Seven Locks Brewery through 2025
  • UNDER MARKET LEASED - With average market rental rates of $16 NNN/SF, the property has a potential net income of $1.35 million

Investment Overview

Marcus & Millichap is pleased to exclusively present for sale 12100 Parklawn Drive in North Bethesda, Maryland (the “Property”). The Property is one of the larger infill industrial properties located In a small stretch of remaining and protected flex/industrial zoned land between two Red Line MetroRail Stations in North Bethesda. This approximately 85,000 square-foot complex offers excellent ceiling heights and a series of different size units to accommodate many types of tenants. HHS/FDA occupies just over 90% of the property and has been in place at the Property over 20 years. With the current lease expiring June 2021 and the ownership reaching a hold/sell decision point in their business plan, the ownership is making the Property available at the Purchase Price, which would achieve targeted returns for the investment. Neither ownership nor the GSA have begun any discussions regarding a renewal, although this is not to say a renewal is unlikely. However, over the past ten years the value of and demand for infill industrial has changed dramatically. With the outbreak of Coronavirus, close-in service based industrial is poised to experience further gains in value, especially in affluent areas such as Bethesda, Maryland. Therefore this offering is based solely on the assumption of the GSA vacating the property. No offer to assist an investors efforts to better understand the future actions of the GSA are being offered. Surrounded by high-rise development and Metrorail stations, the Property was designed for multi-tenanting and short delivery distances. Currently built-out as five separate suites, it can be easily demised for additional suites. While one connected building, the Property essentially has two wings. The rear of the Property currently is demised as four suites, all with a Wilkins address. On the corner, the namesake of the Property, 12100 Parklawn Drive, encompasses the front wing and consists of just over 50,000 square feet. The Parklawn wing is ideal for lease to a more prominent tenancy or sold to a user. Easily converted into two separate suites of varying sizes, each with desirable entrances, offices and loading, the front wing provides flexibility for a wide variety of uses, development, and/or last mile distribution space.

Exclusively Listed By

  • Bryn Merrey

    Senior Managing Director Investments

    (202) 536-3727

    Email Bryn

    License(s): MD: 646476, DC: PB98372978, FL: BK3079114, VA: 0225215804

    Washington, D.C.

  • Robert Filley

    First Vice President Investments

    (202) 536-3736

    Email Robert

    License(s): DC: sp98366082, MD: 579129, VA: 0225 079990

    Washington, D.C.

  • Robert Bechtel

    Senior Associate

    Email Robert

    License(s): NC: 277766

    Washington, D.C.

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