Kelly Building in Sale/Leaseback
Published in the November 30, 2020 issue of Maryland Newsletters. Please subscribe at www.marylandnewsletters.com
The Kelly Building, housing both office and warehouse in Upper Marlboro, sold recently.Kelly Properties LLC sold the 25,000 square foot building at 8431 Old Marlboro Pike for $4.1 million recently. An entity adopting the building address, as 8431 Old Marlboro Pike LLC, is the new owner.
The building traded fully leased, as both Kelly HVAC and Kelly Electric operate there, and they’ll remain in place on a lease going forward. With two stories of office totaling 10,000 square feet, and 15,000 feet devoted to warehouse, the building sits on a total of 3.36 acres. (That includes a half acre of land on Burtons Lane).
Ed Luckett, Marcus Daniels, and Terry Rogers at NAI Michael repped the seller, while Ken Griffin at NAI Michael and now with Friend Commercial Real Estate, and Josh Bregman and Dominic Digiovannantonio at NAI Michael but now both at JLL, brought the buyer.