Marcus & Millichap : Arranges Sale of New Retail Center in Southern Maryland
March 29, 2024 at 07:42 pm EDT
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Marcus & Millichap Arranges Sale of New Retail Center in Southern Maryland
March 29, 2024
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LA PLATA, Md., March 29, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Rosewick Corner, a newly constructed two-tenant strip center located in La Plata, Maryland. The property sold for $3,675,000, or $525 per square foot.
Dean Zang and David Crotts, investment specialists in Marcus & Millichap's Washington D.C. office, had the exclusive listing to market the property on behalf of the seller, a local developer, and procured the buyer in a 1031 exchange.
"Rosewick is a newly constructed two-tenant building located within a 16-acre, multi-use development. Its developers wisely realized that a low management, medically focused building would have a broader appeal to 1031 exchange investors versus a larger four or five tenant development. There continues to be immense buyer demand from private and institutional capital for unanchored retail centers today," states Zang, executive managing director investments.
Rosewick Corner is located at Rosewick Road & US Highway 301 in the high-growth Washington D.C. suburb of La Plata. Built in 2023, the parcel is part of the larger Rosewick Corner mixed-use project currently in development, featuring an Aldi and a 193-unit multifamily community. Zang and Crotts previously sold the Aldi parcel for the developer. The 7,000-square-foot strip center is occupied by Becker Veterinary Services and University of Maryland Charles Regional Medical Center.
Brian Hosey, Broker of Record in Maryland, assisted in closing the transaction.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
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Marcus & Millichap, Inc. is a brokerage company. The Company is specialized in commercial real estate investment sales, financing services, research, and advisory services. The Company also offers market research, consulting, and advisory services to its clients. The Company offers services to its clients by underwriting, marketing, selling, and financing commercial real estate properties in a manner that maximizes value for sellers, provides buyers with a diverse inventory of commercial properties, and secures competitive financing from lenders for borrowers. The Company divides its commercial real estate into four market segments: properties, private client market, middle market, and larger transaction market. The Company serves clients with one property, multiple properties, and large investment portfolios. The Companyâs investment brokerage and financing professionals serve private clients within the private client market segment.
MARCUS & MILLICHAP, INC. 
