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 Shoal Creek Shopping Center, a 62,118-square foot retail property located in Cambridge, Md., according to Matthew Drane, regional manager of the firm’s Washington, D.C. office. The asset sold for $8,225,064.
David Crotts, senior associate, and Dean Zang, senior managing director investments in Marcus & Millichap’s Washington, D.C. office, had the exclusive listing to market the property on behalf of the seller, an affiliate of The Nightingale Group of New York. The buyer was a west coast based private entity represented by team member Josh Ein, senior associate in Marcus & Millichap’s Washington, D.C. office.
Shoal Creek Center is located at 620 Sunburst Hwy in Cambridge, Md. The shopping center was built in 1977 and renovated in 2013 when Walgreens acquired the property to build a store on the parcel. Subsequently, Walgreens completed a portfolio sale leaseback of many properties in its real estate portfolio which was acquired by the Nightingale Group. The 62,118-square foot shopping center was 90 percent occupied at the time of sale and featured national brands such as, Advance Auto Parts, Save-A-Lot, and a freestanding Walgreens.
“Our team’s depth of relationships with shopping center and net lease buyers alike allowed us to source a California-based buyer in a 1031-exchange that had never acquired a shopping center in Maryland previously,” added Zang. The team has been active in the Delmarva region with two other shopping centers for sale presently and this representing their second recent closing in the area.
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 over 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
