Marcus & Millichap Arranges Sale of Prince George’s County Shopping Center in Maryland

Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Penn Forest Shopping Center, a 37,425-square-foot retail center located in Forestville, Maryland. The property sold for $7,400,000.

“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.”

Zang, David Crotts and Jeffrey Pensak, investment specialists in Marcus & Millichap’s Washington D.C. office, had the exclusive listing to market the property on behalf of the seller, an affiliated entity with Woodmont Properties, and procured the buyer, an Alexandria-based investor. Woodmont Properties facilitated a reverse 1031 exchange as part of its disposition of the property.

Penn Forest Shopping Center is located at 3300 Walters Lane in the Washington D.C. submarket of Forestville. The property’s largest tenants are Dollar General and CSL Plasma, which opened in 2014 and 2017, respectively, after Woodmont Properties sought to lease the formerly vacant grocery store space. These two tenants generate more than 51 percent of the property’s overall revenue, significantly bolstering its financing prospects in a challenging capital markets environment. Financing totaling $5.5 million, or 75 percent of the property’s value, was secured through Eastern Union and a relationship bank lender.

About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading national 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.