Laurel, Md. - November 20, 2020 Kenwood Cherry Lane, LLC, an affiliate of Kenwood Management and Avanti Capital, announced that they have sold their Cherry Lane property in Laurel MD for $6M ($123/sf). This represents only the second property that Kenwood has sold in its 24 year history. The buyer was Meisel Development.
Purchased in early 2012 for $3.35M, the small bay warehouse property was only 71% leased at the time. After closing, Kenwood addressed numerous deferred maintenance issues and increased occupancy to 100%. At $6M, this represents an increase in value of $2.65M or 79% in just over 8 years.
Kenwood’s investors realized a 14% internal rate of rate after all fees and expenses.
Throughout Kenwood’s ownership, the property was leased by Ken Fellows from Edge Commercial. Joe Friedman, also from Edge Commercial, brokered the sale.
Bill Singer, Principal from Kenwood said, “We are very pleased with the property’s performance and the relationships we developed with the tenants in the building. We really enjoyed working with these local business owners and appreciated they’re being a part of our Kenwood Community.”
Laura Murrer, the Kenwood’s Asset Manager, added “Joe Friedman and his team did an excellent job executing the Kenwood strategy. This was such an achievement given challenges presented by the pandemic.”