Marcus & Millichap arranges the sales of $10M grocery center in major Maryland market
Silver Springs, MD — Marcus & Millichap, a commercial real estate investment services firm with offices throughout the United States and Canada announced the sale of Safeway (Albertsons Guaranty), a 44,600 s/f supermarket located in Silver Spring. The asset sold for $10.425 million.Preet Sabharwal and Michael Scali of Marcus & Millichap’s Manhattan office had the listing to market the property on behalf of the seller. Dean Zang and Joshua Ein of the firm’s Washington office procured the buyer.“The cap rate on this deal signifies that there is still a strong demand for necessity based retailers despite the negative portrayal painted by the national media” said Scali. “This transaction is evidence that investors are still bullish on necessity based retailers with substantial credit.” The subject property is situated at the signalized, hard corner intersection of New Hampshire Avenue and Briggs Chaney Rd.