Cohn Property Group D/B/A Silver Hill Apartments LLLP has purchased 4200 Forbes Boulevard, located in Lanham, Maryland (known as “Forbes Tech Center”) for $5.65M. The property settled on February 13th and was 99% leased upon closing. This is Cohn Property Group’s 10th acquisition in the last 2 years which totals over $100,000,000.
The 61,000 square foot property is located on 3.85 acres within the Hanson-Palmer Business Park which is a prime location fronting Forbes Boulevard and Lottsford Vista Road and it is conveniently accessible to Martin Luther King Jr. Highway and Route 50. A single story wing with frontage on Forbes Boulevard has individual entrances and a two-story elevator building. The property has attracted a diverse array of complimentary medical practices, professional businesses, and a few retail tenants.
Mychael Cohn of Cohn Property Group states, “Forbes Tech Center is a great fit for our portfolio as it has healthy in place cash flow with a diverse mix of tenancy as no tenant occupies more than 6500 square feet. The property differentiates itself from the rest of the 91 Acre Hanson-Palmer Business Park through its offering of small spaces well suited for small businesses. Additionally, the previous owner did an impeccable job with management and maintenance of the building.”
“We are thrilled to have had the opportunity to assist Mr. Billow and his partners sell this important and strategic asset,” stated John Rosso, Principal of Rosso Commercial. “Having recently brokered a similar sale to Cohn Property Group last year, we were confident Mr. Billow and his partners would have a smooth and successful transaction once business terms were negotiated and agreed upon,” Rosso added.
“It was a pleasure working with Rosso Commercial on the sale of Forbes Tech Center,” stated Joe Billow, President of The Billow Company. “John and Ryan were very professional, hard working, and responsive. We were pleased with the outcome and would highly recommend Rosso Commercial.
This is the 2nd off-market investment sale over the last 12 months Rosso Commercial has brokered to Cohn Property Group, including the sale of Odenton Medical Center in June of last year. John Rosso and Ryan Brassel of Rosso Commercial brokered the sale, working alongside Joe Billow of Billow Cos. CPG Realty represented Cohn Property Group.