Marcus & Millichap (NYSE: MMI), today announced the sale of two junior boxes in Silver Spring, Maryland, according to Brian Hosey, regional manager of the firm’s Washington, D.C. office. The Property sold for $9,000,000.
The offering, consisting of two tenants totaling 37,206 square-feet, was recently leased to an Aldi grocery store and Five Below within the greater 220,253-square-foot Orchard Center on Cherry Hill Road. The Property is shadow-anchored by Target, Kohl’s, Shop Rite and Pet Smart.
Chris Burnham, first vice president, in Marcus & Millichap’s Baltimore office, Dean Zang, executive managing director, in Marcus & Millichap’s Washington, D.C. office, and David Crotts, director, in Marcus & Millichap’s Washington, D.C. office, executed the transaction and secured the buyer, a Maryland-based family office.
“This property offered an extremely rare opportunity to acquire a scarce and irreplaceable Montgomery County asset with a grocery anchor under $20 Million” Burnham said. “Demand for the asset was high, in most part due to the attraction of Aldi, which has been expanding in the region, and investors knowing the underlying real estate potential.”
“We are very fortunate to have worked with the both parties on this transaction and have immense gratitude for the efforts and professionalism in bringing the deal to a close in a very challenging climate,” Crotts continued.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 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 9,726 transactions in 2019 with a value of approximately $50 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.
