February 26, 2020 – Brad Canova and Kyle Danielson of Horvath & Tremblay have successfully completed the sale of Rockville City Centre in Rockville, Maryland. Horvath & Tremblay exclusively represented the 1031 exchange buyer to complete the transaction at a sale price of $7,000,000.
Rockville City Centre is located at 587-623 Hungerford Drive in Rockville, Maryland. The property features a 16,000 square foot building on a 1.33 acre lot. The building is anchored by Popeye’s Louisiana Chicken, and is shadow-anchored by a Giant Food, the area’s primary supermarket. Originally constructed in 1974, the Rockville City Centre has outstanding historical occupancy with many of the tenants having occupied their spaces for more than 20 years. The Centre offers a diverse mix of tenants that cater to the surrounding residents. The property is extremely well located at the signalized intersection of North Washington Street and Hungerford Drive (Route 355) with traffic counts in excess of 53,000 vehicles per day. The property also benefits from outstanding area demographics with more than 104,000 residents with a median household income of $109,000 within a 3-mile radius.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.