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 Kings Point Square Shopping Center, a 107,987-square-foot retail property located in Randallstown, MD, according to Matthew Drane, regional manager of the firm’s Washington, D.C. office.
The Kings Point Shopping Center was constructed in 1977 and initially occupied by Food Lion. Several years ago, the grocery chain vacated and most recently Tractor Supply acquired the space. The property sold at a 91 percent occupancy rate not including pad sites.
Chris Burnham, vice president investments, in Marcus & Millichap’s Baltimore office, Dean Zang, senior managing director investments, in Marcus & Millichap’s Washington, D.C. office, and Mark Taylor, senior managing director investments in Marcus & Millichap’s Wynnewood, PA office, had the exclusive listing to market the property on behalf of the seller, Brahin Properties. The buyer, CityWide Properties, was also secured and represented by Burnham and Zang. Burnham, Zang and their seven-person team attribute their success to running a comprehensive and robust marketing campaign which generated 150 confidentiality agreements and seven offers.
“CityWide Properties saw an opportunity to acquire a value-add shopping center at an attractive yield. They have plans to capitalize on the upside through continued inline leasing and pad site development,” Burnham explained. Kings Point Shopping Center was the 13th shopping center that Zang and his team have completed this year and two more slated to close by year end. “Despite the lousy headlines about retail, there is still a strong appetite for retail assets,” added Zang.
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
