LEXINGTON PARK, Md. – June 2, 2016 – Ten-X, the nation’s leading online real estate transaction marketplace, announces the upcoming sale of Pax River Office Park, a seven-building, 181,480-square-foot office/flex campus in Lexington Park, Md. The property, currently leased to U.S. government entities and contractors, including Lockheed Martin, will be offered in a live bid event June 28-30 on the Ten-X Commercial platform. Ten-X Commercial is working with Donald Schline of Mackenzie Commercial to market and sell the asset.
Pax River Office Park is currently 76-percent leased to seven tenants. It consists of offices, a warehouse and flex space for the U.S. Naval Air Systems Command, Naval Air Warfare Center Aircraft Division and government contractors serving the Mission at the Naval Air Station Patuxent River. The buildings were constructed between 1979 and 1997 and cover more than 11 acres. The current owner/seller has operated the facility since 2007.
“Pax River Office Park represents an investment property with steady occupancy and value-add potential, both of which represent the types of opportunities available on the proven Ten-X platform,” said Ten-X Commercial Real Estate Division General Manager Gordon Smith. “Aggressive leasing, enhanced capital expenditures and increased tenant improvement packages will give the next owner the opportunity to increase occupancy and drive rents. This is an asset with considerable investment upside.”
Lexington Park is approximately 40 miles southeast of Washington, D.C., and is the economic, residential and recreational hub of St. Mary’s County, Md., which is known as the fastest growing workforce in Maryland. Lexington Park itself offers a mix of governmental, retail, office, residential, entertainment and recreational options, and Lexington Park’s Naval Air Station Patuxent River is the area’s key economic driver, as well as the region’s largest employer (employing approximately 20,000 people).
A commission is offered for duly registered brokers representing a winning bidder to be paid upon a successful closing. For more information, please click here or call 844-694-4976.
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Ten-X is the nation’s leading online real estate transaction marketplace and the parent to Ten-X Homes, Ten-X Commercial and Auction.com. To date, the company has sold 200,000+ residential and commercial properties totaling nearly $39 billion. Leveraging desktop and mobile technology, Ten-X allows people to safely and easily complete real estate transactions online. Ten-X is headquartered in Irvine and Silicon Valley, Calif., and has offices in key markets nationwide. Investors in the company include Google Capital and Stone Point Capital. For more information, visit Ten-X.com.