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 Minnick Industrial Park located at 5200 Minnick Rd, Laurel, Maryland 20707.
“This deal was a unique mix of multi-tenant warehouse space along with a significant amount of separately leased industrial outdoor storage space. The site is in Laurel, on the border of Montgomery County, and offers very quick access to Route 29, the ICC, and I-95,” said Bryn Merrey, senior vice president.
The 81,134-square-foot multi-tenant industrial park sits on 6.73 acres of land with heavy industrial zoning, fully occupied with spacious outdoor storage. The property caters to thirteen diverse tenants, most of which are long-term, with rent rates substantially lower than the market average.
“Most of the tenants had been here for many years and the buyer recognized the opportunity to capitalize on below market rents as leases expire. This was a win-win transaction for both the buyer and seller,” added Merrey.
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, 2021, the company had 1,994 investment sales and financing professionals in 82 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 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
