ELKRIDGE, MD — The Net Lease Investment Sales Group for Avison Young announced the $4.1 million sale of a single-tenant net-leased property currently under development at 7136 Montevideo Rd. in Elkridge. Royal Farms, a popular Mid-Atlantic chain of convenience stores, has signed a 20-year lease at the location that includes four, five-year renewal options.
The buyer was represented by Avison Young’s Net Lease Investment Sales Group led by senior director Asher Wenig. The seller, a local developer, was represented by Calkain led by president Jonathan Hipp.
The brand-new construction project borders the towns of Elkridge and Jessup, which have a high density of sales, finance, business and office professionals, and have experienced steady population growth since 2000. The property also sits adjacent to the Ryan Homes at Howard Square multi-family complex that is currently under development and will feature 1,057 new apartment units.