Maryland-based Greenberg Gibbons has closed on the sale of Reisterstown Shopping Center in Reisterstown, Maryland for $34.5 million. The center is located on a 20.5 acres site with 1,000 feet of frontage on Reisterstown Road near the Interstate 795 connector. The 167,210 sqf community shopping center is anchored by a Mars Super Market Wells Fargo, Bank of America, Rite Aid, Big Lots, Advance Auto Parts, and Dollar Tree. Trading for $206 per sqf, the asset was 95 percent leased at the time of the sale. Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, a local partnership, and procured the buyer.
“Our marketing campaign, conducted through IPA’s unique platform for creating maximum exposure, stimulated buyer interest from various buyer types, within the region and outside the area,” says Dean Zang, IPA senior director. “The ability to sell off leased pad sites is a popular strategy today. Our ability to substantiate aggressive resale cap rates for these pad sites enabled us to drive a substantial premium for our client.”
