Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Cherry Tree Shopping Center, a 46,302-square foot retail property located in Laurel, MD. The asset sold for $7,000,000 which equates to $151 per square foot.
Christopher Burnham, senior associate in Marcus & Millichap’s Baltimore office and Dean Zang, senior managing director of investments in Marcus & Millichap’s Washington, D.C. office had the exclusive listing to market the property on behalf of the seller, a local private developer. The buyer, City Wide Properties, was also secured and represented by Burnham and Zang.
This is the second shopping center sale that Burnham, Zang and their team completed in February, and the third year to date. “This sale demonstrates the constant demand for destination-oriented neighborhood shopping centers” says Burnham. “The visibility of the center, along with tenant mix, drew maximum interest from Buyers in the market which allowed us to push value for our client.” concludes Burnham.
Cherry Tree Shopping Center is located at 11200 Scaggsville Road, Laurel, MD. The property has excellent visibility directly off of U.S. Route 29, a popular commuter route paralleling Interstate 95, and is ideally located between both Baltimore and Washington, D.C. The shopping center is situated on 3.86 acres and includes two buildings; a freestanding building occupied by Verizon Wireless as well as a two-story strip that was occupied by a mix of national, large franchisee and local tenants.
About Marcus & Millichap (NYSE: MMI)
With over 1,700 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 9,000 transactions in 2016 with a value of approximately $42.3 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
