Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, recently announced the sale of four separate single-tenant net-leased assets in the Baltimore/Washington, D.C. metro area. Properties include a Wawa in Elkton, Maryland, Chick-fil-A in Reisterstown, Maryland, SunTrust in Arlington, Virginia and Wells Fargo in Woodbridge, Virginia. The four transactions totaled nearly $13 million.
Dean Zang, senior managing director of investments, Josh Ein, senior associate, David Crotts, senior associate, and Hill Kanellos, associate in Marcus & Millichap’s Washington, D.C. office, as well as Christopher Burnham, senior associate in Marcus & Millichap’s Baltimore office had exclusive listings to market the properties on behalf of the various sellers.
“While cap rates are in flux with the recent adjustments to interest rates, the team produced stellar results including closing the Chick-Fil-A property for an exceptional 4.04 percent capitalization rate” said Burnham, who led the transaction for an affiliate of Baltimore-based Greenberg Gibbons Commercial Corporation.
Another recent execution of this portfolio was the sale of the SunTrust bank branch on Lee Highway in Northern Arlington, Virginia. The asset sold for $4,405,287, the seller was a national NNN real estate investment trust. Other terms of the sale were confidential. “Investors are increasingly focused on the quality of the property, they will pay a significant premium for a high-quality location” concluded Zang, who is the regional team leader.
About Marcus & Millichap (NYSE: MMI)
With over 1,800 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 nearly 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap 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
