Gaithersburg Retail Center Trades for $25M
By Keith Loria June 27, 2022 9:30 am
reprints
Milbrook Properties, a Manhasset, N.Y.-based investment group, is expanding into the Metro Washington, D.C. market with its first retail acquisition in Montgomery County.
The company has acquired Gaitherstowne Plaza, a 70,639-square-foot shopping center located at 300 N Frederick Avenue in Gaithersburg, Md., for $24.5 million
BIG Shopping Centers USA was the seller.
Gaitherstowne Plaza features 21 stores, 291 parking spaces, and 2 pylons; one on each cross street. The property is 100 leased, to a tenant roster that includes IHOP, AutoZone, Dominos, and Vitamin Shoppe, with the average tenure being more than 10 years.
Institutional Property Advisors represented both sides in the deal. According to the firm’s recent data, the property is located within minutes of I-270 and more than 36,000 vehicles pass by the center daily.
“This is a generational acquisition as there are a limited number of transactions in esteemed Montgomery County, which is ranked as the nation’s fifth-wealthiest county by Bloomberg,” Dean Zang, IPA’s executive managing director, said in a prepared statement.
Joining Zang on the deal were the firm’s David Crotts and Josh Ein.
“Growing rents and strong demographics ensure the asset will continue to appreciate over time,” Crotts said.
Requests for comment from the seller were declined, while the buyer did not immediately return a request for further details.
Keith Loria can be reached at Kloria@commercialobserver.com.
