Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Mattress Discounters, net-leased property located at the well-known intersection of Reisterstown and Old Court Roads in Pikesville, Md., according to Bryn D. Merrey, division manager of the firm’s Mid-Atlantic and Southeastern offices. The asset sold for $1,200,000, which represents $298 per square foot.
Christopher Burnham and Dean Zang, investment specialists in Marcus & Millichap’s Baltimore and Washington, D.C. offices, had the exclusive listing to market the property on behalf of the seller, Meisel Development, who acquired the property in 2005. Burnham and Zang also secured the buyer, a private investor, who plans to hold the property as a passive cash-flow investment.
“The tenant, Mattress Discounters, executed a new 10-year approximately two years ago,” Burnham explained. “Investors were highly attracted to the visibility of this location at a busy intersection. The location’s quality was certainly a benefit in achieving a nearly $300-per-square-foot sales price.”
Mattress Discounters, which sits on 0.39 acres, is located at 1514 Reisterstown Road. The property is approximately a half of a mile from Reisterstown Road’s interchange with the Baltimore Beltway.
“This transaction is a strong indicator that investors still have an aggressive appetite for well-located net-leased assets, with long-term leases and stable tenants,” Burnham concluded.
About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
