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IPA Arranges $12M Sale of Two Retail Properties in Maryland
Institutional Property Advisors has arranged the $12.1 million sale of the Junior Box Collection, two retail properties leased by T.J. Maxx and Staples within the 860,000-square-foot Milestone Center in Germantown, MD.
Dean Zang, David Crotts, Josh Ein, and Chris Burnham of IPA brokered the transaction on behalf of the undisclosed seller. The buyer was a Maryland-based family office. The two properties are adjacent to and shadow-anchored by Target, The Home Depot and Walmart.
“This is a generational acquisition as there are a limited number of opportunities like this in Montgomery County, which is one of the nation’s wealthiest counties,” said Zang. “We ran a comprehensive and robust marketing campaign that generated four offers within the first three weeks of marketing. The strength of the property and the experience of the buyer helped us overcome the concerns and problems caused by the effects of COVID-19.”
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