Marcus & Millichap Brokers $7.4M Sale Of Penn Forest Shopping Center
3300 Walters Lane
$7,400,000
$197/SF
Building Size
37,425 SF
Asset Type
Retail
Closing
Jun 20, 2024
About this deal
AI
The Penn Forest Shopping Center, a retail property located at 3300 Walters Lane in District Heights, MD, was sold for $7.4 million. This 37,425 square foot asset was successfully brokered by David Crotts, Dean Zang, and Jeffrey Pensak from Marcus & Millichap. The deal involved a reverse 1031 exchange by Woodmont Properties, with financing secured for $5.5 million.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $7,400,000
- Market: District Heights, MD
- Square Footage: 37,425
- Brokers: David Crotts, Dean Zang & Jeffrey Pensak - Marcus & Millichap
The sale of the Penn Forest Shopping Center was managed by Dean Zang, David Crotts, and Jeffrey Pensak from Marcus & Millichap. The involvement of Woodmont Properties in executing a reverse 1031 exchange highlights strategic financial planning in this real estate transaction.
On the Map
$7,400,000
$197/SF
Retail
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District Heights Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.14%
Cash-on-Cash
-0.61%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93