Sunday, October 24, 2010
WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of 11503 Rockville Pike (top left photo), a 20,149-square-foot retail building in North Bethesda, Maryland.
The HFF investment sales team was led by senior managing directors Jim Meisel (middle right photo) and Dek Potts (middle left photo) who represented the seller, JBG Rosenfeld Retail. Saul Centers, Inc. purchased the property for $15.05 million all cash.
11503 Rockville Pike is fully leased to Staples and Casual Male. The property is situated on nearly two acres directly between the White Flint Mall and White Flint Metrorail Station within the White Flint Sector Plan redevelopment area of North Bethesda.
This program focuses on redeveloping the area around the White Flint Metro Station with potentially 9,800 residential units and 5.69 million square feet of commercial development.
“This property offers an investor a secure stream of income with a long-term lease to Staples, as well as tremendous long-term upside as a potential 315,000-square-foot urban infill redevelopment play in the up-and-coming White Flint mixed-use planning district,” said Potts.
Based in Chevy Chase, Maryland, JBG Rosenfeld Retail (JBGR) specializes in the leasing, development, acquisition, construction and management of retail properties throughout the mid-Atlantic region. JBGR’s portfolio contains more than six million square feet of shopping centers, freestanding store sites and mixed-use retail sites.
Saul Centers, Inc. (NYSE: BFS) is a self-managed, self-administered equity real estate investment trust, formed in 1993 and headquartered in Bethesda, Maryland.
Saul Centers operates and manages a real estate portfolio of 52 community and neighborhood shopping center and office properties totaling approximately 8.4 million square feet of leaseable area. Approximately 82 percent of their cash flow is generated from properties in the metropolitan Washington, D.C./Baltimore area.
James A. Meisel, HFF Senior Managing Director, (202) 533-2500, firstname.lastname@example.org
Stephen ‘Dek” Potts Jr., HFF Senior Managing Director, (202) 533-2500 email@example.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500