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 Pikes Village, a 7,367-square-foot two-tenant strip center located in Baltimore, MD, according to Brian Hosey, regional manager of the firm’s Washington, D.C. office. The firm also brokered the sale of a 6,306-square-foot property referred to as the Shops of Lee Highway for $3,800,000.
Pikes Village, constructed 2015 and 2017, consists of 7,367 square-feet occupied by Sherwin-Williams and Leslie’s Pool Supplies on long-term leases with structured rental increases.The Property was sold at 100% of the asking price.
The Team also closed a four-tenant shopping strip located at the 5600 block of Lee Highway in Arlington, Virginia for $3,800,000, a 6.54% cap rate, in December 2019. Tenants included a local nail salon, pizzeria, restaurant and massage parlor. Prior to the property’s renovation, it previously traded for $3,000,000 in 2015.
Christopher Burnham, vice president investments, in Marcus & Millichap’s Baltimore office, 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, a Baltimore-based owner and developer, Schwaber Holdings. The buyer, an out of state investor with ties to the Baltimore area, was represented by SRS Real Estate Partners. Bryn Merrey, broker of record, assisted in closing this transaction. Dean Zang and Josh Ein, first vice president investments, of the Washington, DC office represented the unidentified Seller of the Shops of Lee Highway property.
“We continue to see high demand for new and old, well-located strip centers throughout the Mid-Atlantic region. Achieving full listing price certainly speaks to the demand for the product today, and the quality of our marketing process.” Burnham explained.
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
