By AFRO Staff
An LLC has acquired a 50,000-square-foot office building in Gaithersburg, Md., for $9 million, GlobeSt.com reports. The purchaser, Broad Street Ventures LLC, founded by Michael Jacoby, simultaneously signed a 10-year lease with MedImmune to occupy the entire facility. Walker & Dunlop secured the $7.8 million loan from the D.C.-area Cardinal Bank, according to Ted Hermes, senior vice president of capital markets.
The final purchase price of $9 million, however, is somewhat misleading as the purchase is also kicking a significant level of TI funds.
“It will spend about $25 per square foot so the total cost would be higher,” Hermes told GlobeSt.com.
The building loan, located at 950 Wind River Lane, was structured with a five-year term and a 25-year amortization. Walker & Dunlop closed the loan with customized flexibility in prepayment structure.
The building rests on 4.9 acres of land at the intersection of Quince Orchard Road and Great Seneca Highway. The class-A office building, finalized in 2002, is adjacent to MedImmune’s Gaithersburg headquarters.