Avison Young investment sales team sells Woodmere I & II on behalf of DWS8 Jul 2020
Transaction Led by John Kevill and Matt Weber of the U.S. Capital Markets Team
WASHINGTON, DC – Avison Young announced today that it has closed on the sale of Woodmere I & II located at 9881 and 9891 Broken Land Parkway in Columbia, Maryland on behalf of its client, DWS (f.k.a. Deutsche Bank RREEF).
Abrams Development closed on the property in June for $16.9 million. The property features 124,129 total square feet within two first-class office buildings.
“This trade shows that assets with a demonstrated history of retaining tenants are still in demand in this turbulent environment. The quality and location of Woodmere I and II ensures that they will continue to provide value to the ownership over the long term,” said John Kevill, Principal and Managing Director for U.S. Capital Markets for Avison Young.
Avison Young, the world’s fastest-growing commercial real estate services firm, represented the owner. The transaction team was led by Kevill, and Matt Weber, Senior Vice President.
The property is currently 89% leased to regional and national credit tenants that represent some of the strongest in the submarket including State Farm Insurance, Applied Network Solutions, and Fidelity National Title.
The property benefits from proximity to some of the region’s major demand drivers including Fort Meade, the Nation’s Platform for Intelligence, Information, and Cyber Operations/National Security Agency (NSA), Johns Hopkins University’s Applied Physics Laboratory (APL), Leidos and MedStar Health.
“Woodmere I & II continued to perform during the challenging business climate this spring,” Weber said. “which speaks to the strength of the submarket and to the impact of the unique demand drivers in Columbia, Maryland. The substantial growth of cyber, life sciences, and government contracting as well as proximity to the workforce in suburban Maryland were factors contributing to Woodmere’s success. It is a superb long-term investment.”
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises thousands of real estate professionals in more than 100 offices around the world. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.
Avison Young is a 2020 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.