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 Reisterstown Village Shopping Center, a 21,685-square foot retail property located in Reisterstown, MD, according to Bryn D. Merrey, senior vice president/division manager of the firm’s Mid-Atlantic and Southeastern offices. The asset sold for $4,100,000.
Christopher Burnham, associate, and Dean Zang, senior managing director investments in the firm’s Baltimore and Washington, D.C. offices respectively, had the exclusive listing to market the property on behalf of the seller, Reisterstown Development, LLC. Burnham and Zang also secured the buyer, Robyn Properties who purchased the property for its value add characteristics with the plan to lease up and hold for long-term cash-flow.
“Reisterstown’s population is continuously growing northwards on the Main Street corridor, which will drive space absorption and rental growth in time,” Burnham explains. “We are seeing strong buyer demand for newly constructed, lower-management strip centers, especially in strong corridors such as York Road and Reisterstown Road.”
This is the third property that Burnham and Zang have sold along the Reisterstown Road corridor in the last 12 months.
“We also sold the Reisterstown Shopping Center located just 1.5 miles south on Reisterstown Road which also received a tremendous amount of interest,” Burnham says.
Reisterstown Village, shadow-anchored by Weis Markets, is located at 20 Reisterstown Road in Reisterstown, MD. The shopping center is occupied by Dollar General, Dunkin’ Donuts, and a variety of other local tenants. Reisterstown Village benefits from its long-established retail location in downtown Reisterstown, and excellent demographics with 38,578 people living in a three-mile radius with an average household income of $94,346.
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
