Marcus & Millichap Inc.
10/30/2024 | Press release | Distributed by Public on 10/30/2024 12:51
Marcus & Millichap Brokers Sale of Retail Strip in Towson, Maryland
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Marcus & Millichap Brokers Sale of Retail Strip in Towson, Maryland
October 30, 2024
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TOWSON, Md., Oct. 30, 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 a two-building, four-tenant retail property located in Towson, Maryland.
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, an affiliate of Buccini Pollin Group (BPG), real estate developers co-headquartered in Wilmington, Del. and Chevy Chase, Md., and procured the buyer, a private investor.
"Determining the right disposition strategy and market timing is important in helping our clients execute," said Zang, executive managing director investments. "This multi-year assignment was not without complication."
Located at 1270 E. Joppa Road, the 14,175-square-foot property is tenanted by national brands, including Aspen Dental, ATI Physical Therapy, Dogtopia and School of Rock. Built in 2018, the asset occupies a 1.94-acre corner parcel adjacent to a high-performing Wawa and 1274 at Towson luxury apartment community.
This sale marks the 22nd new construction retail strip center Zang and Crotts have brokered in the region since 2021. "This is an increasingly popular asset category in the area, and we have multiple private and institutional investors searching for similar product," added Crotts, first vice president investments, who procured the buyer.
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, an affiliate of Buccini Pollin Group (BPG), real estate developers co-headquartered in Wilmington, Del. and Chevy Chase, Md., and procured the buyer, a private investor.
"Determining the right disposition strategy and market timing is important in helping our clients execute," said Zang, executive managing director investments. "This multi-year assignment was not without complication."
Located at 1270 E. Joppa Road, the 14,175-square-foot property is tenanted by national brands, including Aspen Dental, ATI Physical Therapy, Dogtopia and School of Rock. Built in 2018, the asset occupies a 1.94-acre corner parcel adjacent to a high-performing Wawa and 1274 at Towson luxury apartment community.
This sale marks the 22nd new construction retail strip center Zang and Crotts have brokered in the region since 2021. "This is an increasingly popular asset category in the area, and we have multiple private and institutional investors searching for similar product," added Crotts, first vice president investments, who procured the buyer.
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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.