Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the exclusive listing of a 22,331-square-foot mixed-use property located in Riverdale Park, MD. The asset is listed for $5,582,000, according to Brian C. Hosey, regional manager of the firm’s Washington, D.C. office.
Lorenzo Wooten, Jr., CCIM, an investment specialist in Marcus & Millichap’s Washington, D.C. office, has the exclusive listing to market the property on behalf of its seller, Redeemed Church of Christ.
“This is a beautiful three-story building on a large 1.21-acre site in a thriving area of Prince George’s County. I know any buyer will be happy with this building and its location,” said Wooten. “The property also represents an opportunity for its buyer to acquire an adjacent 1.5-acre parcel for parking or future residential development.”
Built in 2009, the property is located at 5617 54th Ave in Riverdale Park, MD and is occupied by Redeemed Church of Christ. Although this is a distress sale that will require approval by the Bankruptcy court, Redeemed Church of Christ has an equitable interest in this property and has the authority of the court to market this building for sale. The Riverdale, MD submarket has experienced significant growth in the last six years with the development of the new Whole Foods, and other new retail and residential properties.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
