S HOPPING C ENTERS S POTLIGHT M ID A TLANTIC ICSC C ONFERENCE & D EAL M AKING
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Mid Atlantic Real Estate Journal — Shopping Centers — January 27 - February 9, 2012 — 5B
Zang, Taylor, Dougherty & Munley rep 1031 buyer M&M broker the sale of 19,620 s/f retail center for $10.8m
Shover, Gorman & Gorman rep seller Marcus & Millichap sell M&T Bank for $4.25m
FORESTVILLE, MD — Marcus & Millichap Real Estate Investment Services brokered the sale of a 19,620 s/f two-tenant shopping center fully leased by Walgreens and Sherwin-Williams. The center is located in the Washington, DC suburb of Forestville. The sales price is $10,880,000, which equates to $555 per s/f. Dean Zang and Mark Tay- lor, senior directors in the firm’s Washington, D.C. and Philadelphia offices, and Der- rick Dougherty and Christo- pher Munley of the Philadel- phia office, represented the seller and located the private out-of-market 1031 buyer. David Feldman, regional man- ager of Marcus & Millichap’s Washington, D.C. office, was the broker of record in the transaction. “This property provides the
M&T Bank
ODENTON, MD — Marcus &Millichap Real Estate Invest- ment Services, announced the sale of M&T Bank, a Single-Ten- ant Net-Leased property located in Odenton, MD, according to Spencer Yablon, Regional Man- ager of the firm’s Philadelphia office. The property, subject to a long-term ground lease with M&T, commanded a sales price of $4,025,000. Michael Shover, TomGorman, and Matthew P. Gorman invest- ment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf
of the seller, a developer out of the Baltimore region. M&T Bank is located at An- napolis Road and Blair Drive in Odenton, Maryland. “There is a strong demand for credit tenants,” Shover said. “We were able to generate eight offers from across the country and ultimate- ly selected an all cash Buyer out of Manhattan who offered a 6.61 percent capitalization rate. The lack of quality inventory on the market coupled with the historic low interest rate environment are two reasons we are seeing capitalization rates compress,” adds Shover. ■
Walgreens & Sherwin-Williams Shopping Center
new owner with two easily managed, investment-grade credit tenants, both on long- term leases,” adds Taylor. “The financing that was avail- able for this asset supported a low cap rate.” The property is located on 1.8 acres at 7000 and 7008 Marlboro Pike in Forestville. Sherwin-Williams Paints has
occupied the parcel of land since the mid-1980s. The Wal- greens site was acquired by the developer from Sherwin- Williams Paints and rede- veloped into a new structure with Walgreens and Sherwin Williams Paints sharing a common wall. The property traded at approximately 98 percent of the asking price. ■
Dougherty of Metro Commercial leases 25,522 s/f to the Tile Shop
Taylor Long Properties announce 10,000 s/f lease
KING OF PRUSSIA, PA—The Tile Shop is expanding the Philadelphia region, and Metro
Commercial has complet- ed a 25,522- s/f lease for the tile and floor covering store in King o f Pruss ia , PA . The store will
Cosners Corner
FREDERICKSBURG, VA — Taylor Long Properties is pleased to announce the signing of a 10-year renewal lease between GLL BVK Properties, L.P., and Five Be- low, Inc., dba Five Below, for approximately 10,000 s/f of space at Cosners Corner, 9771 Jeff Davis Highway, Fred- ericksburg, VA. Ellen Long represented the landlord. Taylor Long Properties announced the signing of a 10-year lease between EDCO, LLC and JL Companies, Inc., dba Main Street Cabinets, for approximately 1,454 s/f of space at Hancock Village Shopping Center, Hancock Village Drive, Chesterfield, VA. Brian Bock represented the landlord.
Taylor Long Properties an- nounced the signing of a 4- year, 4-month lease between COOKS, LP and Peoples Income Tax, Inc., dba Peoples Income Tax, for approximate- ly 1,000 s/f of space at Hu- guenot Place, 1520 Huguenot Road, Suite 111, Midlothian, VA. Brian Bock represented the landlord. Taylor Long Properties an- nounced the signing of a 5- year, 4-month lease between Towne Center Shoppes, LLC, and ACA Enterprises, LLC, dba Kabab Grille, for ap- proximately 2,702 s/f of space at Towne Center Shoppes, 201 Towne Center West Bou- levard, Suites 706 & 707, Henrico, VA. Clint Greene represented the tenant. ■
Joesph Dougherty
open this summer at 201 Al- lendale Road adjacent to Costco and will occupy the former Levitz Furniture. Metro Commercial’s Joe Dougherty represented The Tile Shop as the local broker in the high-profile transaction, along with Great Street Realty Partners of Chicago. “While the space has been vacant for some time since Levitz’s bankruptcy, it required a unique retailer to take this prime, well-located space in King of Prussia,” says Dough- erty. “With the pending expan- sion of the mall right across the street, this spot will be at an incredibly prime cross-road of this market.” ■
The Tile Shop
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