Edgewater, MD — NAI Coastal is pleased to announce the sale of 5 Mayo Road in Edgewater, Maryland, a commercial property consisting of Edgewater Fitness, a 42,000-square-foot gym facility, and a free-standing Arby’s fast food restaurant. The property was acquired by Gillis Gilkerson for $9.18 million.
The transaction was completed off market and structured as part of a 1031 exchange. Joey Gilkerson of NAI Coastal brokered the transaction on behalf of Gillis Gilkerson. A 1031 exchange is a common tool among real estate investors that allows them to defer capital gains taxes on the sale of a property by reinvesting the proceeds into a “like-kind” replacement property within a set timeframe.
Located in the heart of Edgewater, the property features a strong mix of established tenancy, including a large-format fitness facility and nationally recognized fast food tenant. The acquisition adds to Gillis Gilkerson’s growing portfolio of commercial real estate assets throughout Maryland and the Mid-Atlantic region.
“This was exactly the type of strategic acquisition we were looking for, and Joey deserves a lot of credit for identifying the opportunity and putting the transaction together,” said Brad Gillis, Principal of Gillis Gilkerson. “Off-market deals require relationships, creativity and persistence, and Joey was able to bring all of those pieces together to help us complete a successful 1031 transaction.”
Joey Gilkerson is a Principal with both NAI Coastal and Gillis Gilkerson. With nearly twenty years in brokerage and development, his group has closed more than 700 commercial real estate transactions totaling over $750 million in brokerage and development volume. Gilkerson specializes in buyer and tenant representation for office and industrial users across Delaware and Maryland’s Eastern Shore, and has been voted “Best Commercial Real Estate Agent” in Wicomico County five years running.
For more information about this transaction, contact Joey Gilkerson by emailing Joey@NAICoastal.com or calling 410-543-5115.
