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Marcus & Millichap Brokers $7.4M Sale Of Penn Forest Shopping Center

Property Image
SOLD
$7,400,000
Dean Zang
David Crotts
Jeffrey Pensak

Maryland

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Retail37,425 SF
Sold 06/20/2024
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Property Image
SOLD

Marcus & Millichap Brokers $7.4M Sale Of Penn Forest Shopping Center

3300 Walters Lane

See Similar Deals
Retail37,425 SF
Sold 06/20/2024
Dean Zang
David Crotts
Jeffrey Pensak
the dealplayerscompscontact
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Summary

MARYLAND
Asset Type:Retail
Price Per Square Foot:$197
Total Square Footage:37,425 SF
Transaction Type:Sale

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:

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.

Players

Dean Zang
Institutional Property Advisors
Dean Zang
17 deals$183.7M volume
BROKER
David Crotts
Institutional Property Advisors
David Crotts
17 deals$183.7M volume
BROKER
Jeffrey Pensak
Marcus & Millichap
Jeffrey Pensak
1 deal$7.4M volume(202) 536-3760
BROKER

Details

SOLD
IMAGE: 06/20/2024 ADDRESS: 3300 Walters Lane MARKET: District Heights, MD ASSET TYPE: Retail BROKERS: David Crotts, Dean Zang & Jeffrey Pensak - Marcus & Millichap SALE PRICE: $7,400,000 SF: 37,425 ~ PPSF: $198 NOTE: Marcus & Millichap brokered the $7.4 million sale of the Penn Forest Shopping Center, a 37,425 sq ft retail property in Forestville, MD. The deal was managed by Dean Zang, David Crotts, and Jeffrey Pensak, and involved a reverse 1031 exchange by Woodmont Properties, with financing secured for $5.5 million.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$394,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$26,290.63
Cash-on-Cash Return-1.27%
Monthly Debt Service$35,079.78
Annual Debt Service$420,957.30