10A — October 30 - November 12, 2015 — Shopping Centers — M id A tlantic
Real Estate Journal
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S hopping C enters
ASHINGTON, DC — Marcus & Mil- lichap announced Marcus & Millichap closes College Park, MD ihop for 2.424 million Marcus & Millichap announces $3,237,500 sale of 5,440 s/f retail property in H Street corridor W between the H St. Connection Shopping Center and Benning Road.” In other news...
buyer. After acquiring, the buyer plans to raise the prop- erty and redevelop as a four story mixed-use condominium building with ground floor retail space. “This transaction is evi- dence of the redevelopment happening the past few years in the H Street Corridor,” Feldman said. “We were able to achieve a sale price almost 50% higher than the price paid in 2013, which wasn’t surprising to us given recent developments on the 600 and 900 block. We were pleased to see that developers real- ized the potential of the area
the sale of 1301 H St. NE, a 5,440 s/f retail property, according to Bryn Merrey , regional manager of the firm’s Washington, DC office. The property, formerly St. John’s Church of God, sold for $3.237 million approximately a year and a half after it sold for $2.2 million. Josh Feldman , associate vice president investments, and Ben Wilson , investment specialist, of the Feldman Group of Marcus & Millic- hap’s Washington, DC office,
Marcus & Millichap an- nounced the sale of 2810-2820 Bladensburg Rd. NE, a 24,545 s/f industrial property located in the Northeast quadrant of Washington, DC, according to Merrey. The four lot asset sold for $3.5 million, half of a million dollars over the seller’s original strike price of $3 mil- lion. The $3.5 million price tag represents $142.60 psf. Josh Feldman and Ian Ruel , investment specialist, of the Feldman Group in Mar- cus &Millichap’s Washington, DC office had the listing to market the property on behalf of the seller. Feldman and Ruel also secured the buyer, an investor in local industrial properties, who hopes to stabi- lize the property and improve tenancy. The lot, which includes three buildings, is located at the northeast corner of Blad- ensburg Rd. and Yost Place in the Woodridge neighborhood of Northeast Washington, DC. “We feel that this was a win for both buyer and seller,” Ruel concluded. “The seller achieved an above market price and the buyer secured a property that fulfilled a spe- cific need.” COLLEGE PARK, MD — Marcus & Millichap an- nounced the sale of an IHOP, an over 5,000 s/f net-leased restaurant located in College Park. The asset sold for $2.424 million, $58,000 over list price. Chris Holland , an invest- ment specialist in Marcus & Millichap’s Washington, DC office, had the listing to mar- ket the property on behalf of the seller. The buyer, a local investor, was represented by Dean Zang , senior vice presi- dents investments in Marcus & Millichap’s Washington, DC office and Mark Taylor , senior vice president in the firm’s Philadelphia, office. “This property is a prime example of the wide spread exposure that the Marcus & Millichap platform provides to the owners of these types of as- sets,” Holland continued. “The combination of the notoriety of the property, our local market expertise, and the collabora- tion of other brokers across the country, we were able to find the best buyer and hit an impressive cap rate.” n
1301 H St. NE
represented the seller, a group of attorneys who acquired the 1301 H St. NE in 2013 with
the original intent of leas- ing the property. Feldman and Wilson also procured the
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Chamberlayne Multifamily Portfolio Richmond, VA Closing Price: $7,500,000
IHOP College Park, MD Closing Price: $2,424,000
Church Lane Shopping Center Cockeysville, MD Closing Price: $14,000,000
Marcus & Millichap was founded on the premise of making a market for each property we represent. Our proactive and targeted marketing campaigns, combined with unparalleled relationships with private and institutional investors, enable us to close more transactions than any other investment brokerage firm. By dedicating all of our focus, resources, and training to real estate investment services, we offer an unmatched level of experience and expertise. Your next real estate decision might be one you have yet to consider. Shouldn’t you be with the Mid-Atlantic area market leader?
To access the invest market, contact the market leader. Bryn Merrey First Vice President/ District Manager (202) 536-3700 www. MarcusMillichap.com
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