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 a five-lot redevelopment site, a 67,422-square-foot of land located in downtown Laurel, MD, according to Matthew Drane, regional manager of the firm’s Washington, D.C. office. The asset sold for a combined purchase price of $2.25 million.
Dany Zhao, associate, in Marcus & Millichap’s Washington, D.C. office, had the exclusive listing to market the property on behalf of the seller, two private owners and the City Redevelopment Authority (CRA) of Laurel. The buyer, New Legacy Partners, a D.C. developer, was secured and represented by Zhao. A total of five offers were received by out of town developers. Finalized development plans and designs were thoroughly reviewed by CRA prior to going under contract. “The developers are planning to build duplexes and apartments,” Zhao explained.
The Downtown Laurel Redevelopment Site is located at 26 C Street, 32 C Street, 37 B Street, 41 B Street and 51 B Street in Laurel, MD. The 26 C Street housed AM Kroop, a boot making company, that had been in business since 1907. AM Kroop was a boot maker for celebrity clients, including Madonna and Elvis Presley. A celebratory retirement party was held at AM Kroop, at which the private owner was presented with the “Key of the City” by Mayor Craig Moe. Zhao assisted the private owner in the liquidation of the business prior to settlement.
“The city of Laurel is going through some major changes. The city is very aggressive in transforming downtown Laurel; They are developer friendly, and many large redevelopment projects are underway,” Zhao added.
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
