The Penn Forest Shopping Center, located in Forestville, Maryland, has recently been sold for $7.4 million. The 37,425-square-foot retail center was successfully marketed by Dean Zang, David Crotts and Jeffrey Pensak from Marcus & Millichap’s Washington D.C. office.
The seller of the property was an entity affiliated with Woodmont Properties and facilitated a reverse 1031 exchange. On the other hand,the buyer is an Alexandria-based investor who recognized the potential of this prime location.
With major tenants such as Dollar General and CSL Plasma contributing to over 51% of its revenue,the property secured financing worth $5.5 million through Eastern Union and a relationship bank lender.
Executive Managing Director of Investments at Marcus & Millichap,Dean Zang expressed his gratitude for being able to successfully close this deal on behalf of their client.He also acknowledged that their efforts were hindered by constantly changing capital markets landscape during mid-2022 sale effort.However,in these volatile times,it is crucial for all parties involved in any transaction to cooperate,and that played a significant role in making this sale possible.
