Matan Acquires 3.77-Acre Property on Rockville Pike / Redland Road
10 March 2020
Matan Companies announced today the purchase of Redland Road Industrial, a 3.77-acre property that directly fronts Rockville Pike (MD Route 355) and Redland Road in Rockville, and is within walking distance of the Shady Grove Metro. The property, built in 1972, consists of five existing warehouse buildings totaling 70,004 square feet of industrial and quasi-retail space. At the time of acquisition, the 89-percent-leased property is home to a diverse roster of local retail service-oriented tenants, which include auto repair, restaurant, general retail, fitness operations and light industrial uses.
“We are excited to continue to expand our industrial footprint in Montgomery County,” said James Matan of the Matan Companies. “We love the location and product type. There is strong demand for well located, small bay industrial in the county.”
Matan Companies purchased the property from affiliated entities of HBW Group, who were represented by their in-house brokerage team. Financing for the purchase was provided by M&T Bank.