10A — Sept. 29 - Oct. 12, 2017 — Shopping Centers — M id A tlantic
Real Estate Journal
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S hopping C enters
Zang of Marcus & Millichap’s Washington, DC office represents seller Delaware grocery box changes hands for $10.2 million
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these three transactions. Built in 2008, the Super Gi- ant grocery store is located in the center of an emerging re- tail hub along Delaware Route 24, the John J. Williams High- way, a busy local road that connects the town of Millsboro to Route One and the popular Rehoboth Beach area. Donald MacLaren Jr. , senior vice president invest- ments, is Marcus & Milli- chap’s broker of record in Delaware. Tim Giambrone , a se- nior director of marcus & millichap’s National Retail Group, has brokered the sale of French Quarter a 33,749 s/f unanchored Strip Center lo- cated in the heart of the presti- gious East Cobb neighborhood of Atlanta, GA for $3,711,250. The property closed at 95% of list price after receiving mul- tiple qualified offers. French Quarter is located on the heavily trafficked Lower Roswell Road, just off Johnson Ferry Rd. inMarietta, Georgia at 4961 Lower Roswell Rd., an affluent northern suburb of Atlanta. Built in 1985 and situated on 2.8 acres, the center is 93% leased by long term local ten- ants Bradley’s American Café, Women’s Premier Fitness and more. Giambrone represented the seller, a Georgia Limited Li- ability Company from Atlanta and Kodiak Ventures repre- sented the buyer, a private investor out of New York.. Marcus & Millichap an- nounced the sale of a 11,550 s/f net-leased property, occupied by Dollar General, located in Clifton, NJ, for $1.75 million according to Brian Hosey , regional manager of the firm’s New Jersey office. Ben Sgambati, Alan Cafie- ro and John Moroz , invest- ment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on be- half of the seller. The buyer, a developer, was secured and represented by Alan Cafiero, David Cafiero and Ben Sgam- bati, investment specialists in Marcus &Millichap’s NJ office. Dollar General is located at 449 Lakeview Ave. in Clifton, NJ. The subject property is located near Garden State Parkway. The surrounding area has a population surpass- ing 332,000 in a three-mile radius. n
ILLSBORO,DE — Marcus & Millichap announced the sale
of a freestanding, 51,994 s/f Super Giant grocery store and fueling station in Millsboro. The property sold for $10.24 million, which represents $200 psf. Dean Zang , senior man- aging director investments in Marcus & Millichap’s Washington, DC office, rep- resented the seller, a Del- aware-based development company. The buyer is a publicly traded real estate investment trust.
transaction by quarter-end, despite numerous complexi- ties,” noted Zang. Zang represented the same partnership on the sale of the Super Giant grocery store
“The attractive credit of Ahold, coupled with a long- term lease, helped generate multiple offers. The buyer was able to complete the
neighboring 31,000 s/f shopping center and McDonald’s pad site in a separate transaction in 2009. Combined, Zang handled approximately $20 million in
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