HBW Group Completes Sale of Rockville Asset
- May 18, 2017
ProMark Real Estate Services acquired 451 Hungerford Drive in Rockville, Md. from HBW Group for $14.5 million, according to public records. The acquisition was backed by $11.3 million financing funded by Revere Bank.
HBW Group developed the seven-story asset in 1980. The 101,000-square-foot building sits on 3.12 acres and includes 14,000 square feet of retail on the first floor, as well as 278 parking spaces, according to Yardi Matrix. ProMark plans to renovate the exterior and replace the mechanical system with a new one, unveiling possible development plans.
The building is adjacent to Rockville Town Square and a new residential construction. It is also close to retailers, restaurants and banks. Transportation is facilitated by various bus stations, a metro station and easy access to State Route 355. Tenants include First National Bank, H&R Block, USA Gateway Travel Corp. and Gold City Jewelers.
“We think the shrinking supply of affordable office space close to Metro, along with the Town Center amenities, will keep this building well-occupied for years to come,” said ProMark Management Director Rob Eisinger, in prepared remarks.
Image courtesy of Yardi Matrix