GERMANTOWN, Md., Jan. 8, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the 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, Maryland. The assets sold for a total of $12.1 million.
“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 Dean Zang, IPA executive managing director. Zang, and IPA’s David Crotts, Josh Ein, and Chris Burnham executed the transaction and secured the buyer, a Maryland-based family office. Bryn Merrey is Marcus & Millichap’s broker of record in Maryland. “We ran a comprehensive and robust marketing campaign that generated four offers within the first three weeks of marketing,” added Ein. “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.” The properties are adjacent to and shadow-anchored by Target, The Home Depot and Walmart. T.J. Maxx represents 61 percent of the overall revenue.
“The sale closed at 97% of the list price, demonstrating that the market remains eager for well-located retail properties,” noted Crotts. The sale is the 10th shopping center sale completed by Zang, Crotts, Ein and Burnham in 2020 and the second transaction valued at over $10 million they have closed within the calendar year.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com