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 Petroleum Marketing Group, a net-leased fueling station and convenience store located in Linthicum Heights, Md., according to Bryn D. Merrey, senior vice president/division manager of the firm’s Mid-Atlantic and Southeastern offices. The asset sold for $6,262,500, which represents a capitalization (cap) rate of 6.32 percent.
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, a developer and former operator who has owned the property since 2004. Burnham and Zang also secured the buyer, a private investor who plans to hold the property as a long-term investment. The property garnered 10 offers and closed at 96 percent of its original list price.
“Due to the current lack of inventory available in the Baltimore/D.C. market and changes investors are seeing in many retail concepts, fuel stations are becoming the preferred alternative and an ‘amazon-resilient’ investment option,” Burnham says. “Year-to-date, our team has traded 12 different net-leased gas stations, more than any other category of retailer this year.”
The property, which is leased by Petroleum Marketing Group (PMG), is located at 500 Progress Dr. on a 1.65 acre corner lot at the entrance to BWI Technological Park in Linthicum Heights, Md. PMG is half of a mile from Baltimore-Washington International(BWI) Airport and only three-tenths of a mile from Interstate 295 which sees over 106,000 vehicles per day.
“Investors are seeing the potential in the BWI area for strong growth in the years to come,” Burnham explains. “Proximity of employers like Northrop Grumman, Ciena Corporation, and Fort Meade drives employment and traffic in the area.”
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
