Goldstar Group acquires Frederick warehouse, 24 acres for mixed-use project

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The Goldstar Group, a Bethesda-based commercial real estate firm, has acquired a 24-acre parcel on 605 E. Church St. in Frederick and intends to develop a new mixed-use development.

The site, which also contains a 49,000-square-foot, single-story warehouse building, was purchased from Frederick Health Hospital for an undisclosed price. Chris Kline Jr., president of Frederick Commercial Real Estate, facilitated this transaction.

Groundbreaking for the development is expected in 2022. The Goldstar Group, which has developed more than $300 million worth of commercial and residential projects in the past decade, expects to deliver the project in early 2024. This represents the first real estate project in the Frederick area for the company.

Michael Brodsky, CEO of The Goldstar Group, said the company was attracted to the continued strength and momentum of the Frederick-area economy as a factor in completing the transaction. He added the company intends to develop a vibrant project that will continue the development of the eastern section of the city.

The warehouse contained on the property is currently vacant and The Goldstar Group has begun marketing the asset for sale to an end-user. The target date to complete this transaction is the first quarter 2021.

The Goldstar Group is a privately-held firm strategically focused on commercial real estate investments and services on behalf of its clients and principals. Primarily focused in the Washington metropolitan area, Goldstar’s core capabilities include acquisitions, development, asset and property management, advisory services and capital markets transactions.