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Institutional Property Advisors Completes Grocery-Anchored Shopping Center Sale in Maryland

June 14, 2022
CHESTERTOWN, Md., June 14, 2022 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Washington Square Shopping Center, a 112,265-square-foot grocery-anchored shopping center in Chestertown, Maryland.

“Initially set to close in late January 2022, the purchaser at that time terminated the sale due to a fire,” said Dean Zang, IPA executive director. “When the property came back on the market in March, our new buyer was quick to seize the opportunity, winning the contract over four other bidders.” Zang and IPA’s David Crotts executed the transaction on behalf of the selling partnership, an affiliate of Silicato Development of Millsboro, Delaware and secured the buyer, Agora Commercial Realty Advisors, a Jenkintown, Pennsylvania-based investment group.

“With the nearby expansion of Dixon Valve’s corporate headquarters, the opening of a new 50,000-square-foot YMCA immediately neighboring the center, and the recent leasing momentum in the Delmarva region, we see many opportunities for the property,” said Nick Skeparnias of Agora. “We also look forward to continuing our working relationship with Chestertown and further upgrading the property under new management.”

Silicato was the original redeveloper of the property, which initially was an Ames department store location before it was expanded for Super Fresh’s opening in the mid-1990s. Redner’s Markets replaced Super Fresh in the location in 2014.
“Very active in Pennsylvania and New Jersey, the transaction is Agora’s first purchase in the State of Maryland,” added Zang. “Finding unique buyers for each of our shopping center transactions and importing investors across state lines is one of our strengths and this asset gave Agora a compelling opportunity to expand its footprint.”

 

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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.

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