Marcus & Millichap’s Burnham and Zang completes 46,302 s/f retail property sale
LAUREL, MD — Marcus & Millichap announced 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 managing director of investments in Marcus & Millichap’s Washington, 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 secured and represented by Burnham and Zang. This is the second shopping center sale that Burnham, Zang and their team completed in February, and the third year to date. “This sale demonstrates the constant demand for destination-oriented neighborhood shopping centers” said Burnham. “The visibility of the center, along with tenant mix, drew maximum interest from Buyers in the market which allowed us to push value for our client.” concludes Burnham.
Cherry Tree Shopping Center is located at 11200 Scaggsville Road, Laurel, MD. The property has excellent visibility 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 freestanding building occupied by Verizon Wireless as well as a two-story strip that was occupied by a mix of national, large franchisee and local tenants.