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Marcus & Millichap Arranges $7M Sale of Md. Retail Center
Penn Forest Shopping Center in Forestville, MD., has been sold for $7.4 million. The 37,425-square-foot retail center was marketed by Dean Zang, David Crotts, and Jeffrey Pensak from Marcus & Millichap’s Washington D.C. office.
The seller was an entity affiliated with Woodmont Properties, which facilitated a reverse 1031 exchange. The buyer is an Alexandria-based investor. Major tenants Dollar General and CSL Plasma contribute over 51% of the center’s revenue. The property secured $5.5 million in financing through Eastern Union and a relationship bank lender.
“We are thankful for the opportunity to see through the sale of this property for our client,” said Dean Zang, executive managing director of investments. “Our mid-2022 sale effort was hampered by the rapidly changing capital markets landscape, and this most recent effort was also challenging. The cooperation of all parties in any transaction today is so critical in these volatile times.”
- ◦Sale/Acquisition
