6A — March 30 - April 12, 2018 — Shopping Centers — M id A tlantic
Real Estate Journal
www.marejournal.com
S hopping C enters
Howard County, MD shopping center sells for $7 million Marcus & Millichap’s Burnham and Zang completes 46,302 s/f retail property sale L
centers” said Burnham. “The visibility of the center, along with tenant mix, drew maxi- mum interest from Buyers in the market which allowed us to push value for our client.” concludes Burnham. Cherry Tree Shopping Cen- ter is located at 11200 Scaggs- ville Road, Laurel, MD. The property has excellent visibil- ity directly off of U.S. Route 29, a popular commuter route paralleling Interstate 95, and is ideally located between both Baltimore and Washington, D.C. The shopping center is situated on 3.86 acres and includes two buildings; a free- standing building occupied by Verizon Wireless as well as a two-story strip that was occu- pied by a mix of national, large franchisee and local tenants. n Feldman Group of Marcus &Millichap sells Capitol Hill mixed-use property WASHINGTON, DC — The Feldman Group of Marcus & Millichap announced the sale of 653 Pennsylvania Ave. SE for $3.65 million in the Capitol Hill neighborhood of Washington, DC. The 6,155 s/f mixed-use property traded at $593.01 psf. Josh Feldman , First VP investments, and Ian Ruel , senior investment associate, of the Feldman Group brokered the transaction between the seller, The Goldstar Group , and the buyer, Douglas Devel- opment Corporation. n 7-Eleven taps local brokers to ramp . . . As Kimmel sees it, forging long-term relationships with local brokers is a smart way to uncover the best opportunities for 7-Eleven. “I like working with Patti because she is very aggressive and hardworking,” he said. “She understands our customers’ needs and uncov- ers sites for us based on that understanding. That’s the dif- ference between a ‘one-and- done’ broker and someone who collaborates with you over the long haul.” Joel Groover is an Atlan- ta-based freelance writer and a contributing editor of Shopping Centers Today, the monthly magazine of the International Council of Shopping Centers. n continued from page 5A
AUREL, MD — Mar- cus & Millichap an- nounced the sale of Cherry Tree Shopping Center, a 46,302 s/f retail property located in Laurel, MD. The asset sold for $7 million, which equates to $151 psf. Christopher Burnham , senior associate in Marcus & Millichap’s Baltimore office and Dean Zang , senior man- aging director of investments inMarcus &Millichap’s Wash- ington, D.C. office had the listing to market the property on behalf of the seller, a local private developer. The buyer, City Wide Properties, was also
Christopher Burnham
Dean Zang
secured and represented by Burnham and Zang. This is the second shopping center sale that Burnham, Zang and their team com- pleted in February, and the third year to date. “This sale demonstrates the constant demand for destination-ori- ented neighborhood shopping
Cherry Tree Shopping Center
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