Marcus & Millichap closes nearly $14M in retail sales across Maryland & New Jersey
- MAREJ
- 3 minutes ago
- 2 min read
CAMP SPRINGS, MD & Pennington, NJ — Marcus & Millichap has completed two retail investment transactions totaling nearly $14 million, with sales in Camp Springs, MD, and Pennington, NJ.
The Andrews Park Retail assignment, totaling $9,965,217, included the sale of a three-tenant retail strip center and a net-leased Wawa in Camp Springs.
“Investor demand for unanchored strip centers and high-credit pad leases appeals to distinctly different buyers, so we marketed these assets separately,” said Dean Zang, executive managing director investments, who led the transaction for the team.
Zang and David Crotts, investment specialists in Marcus & Millichap’s Washington, DC, office, marketed the property on behalf of the seller, an affiliate of the ARCTRUST Group of Companies, and procured the private buyers.
Built in 2021, the 13,417 s/f retail strip is situated on 1.22 acres and was fully occupied at the time of sale. Tenants include Advance Auto Parts, Domino’s Pizza, and Beyond Dental.
Separately, Marcus & Millichap completed the $3,925,000 sale of Cornerstone Court, an 18,284 s/f retail center in Pennington, NJ.
Brent Hyldahl, Alan Cafiero, and Seth Goldberg of Marcus & Millichap’s Cafiero Team represented the seller. Hyldahl, Cafiero and Goldberg, along with David Cafiero and Damien Rance, procured the buyer.
“The demand for well-located, value-add investments in New Jersey continues to remain strong,” said Seth Goldberg, associate director of investments. “The property is anchored by two national tenants, Subway and Dunkin’, with a drive-thru. This was highly attractive to the investment community, paired with upside potential, and the signalized corner of Route 31 contributed to a competitive process.”
“By leveraging our network, we identified and introduced a qualified buyer whose investment goals aligned with the property’s upside,” said Damien Rance, associate investments.
Located at 1 Tree Farm Rd., the two-story center is 77% occupied and includes 11 tenants, with ground-floor retail and service uses and office suites on the second floor. Notable tenants include Dunkin’ and Subway.
The property is positioned just off Rte. 31, which sees 26,800 vehicles per day, and is surrounded by national retailers including ShopRite, Starbucks and Chase Bank.
