Marcus & Millichap, a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced on Tuesday the sale of Parke West Plaza in Glen Burnie, a 20,876 square foot shopping center including Wawa and an established lineup of internet-resilient, service- and food-focused users.
The terms of the contract are not disclosed.
Wawa is the anchor of the fully occupied mall and accounts for 24% of the property’s overall revenue. Parke West Plaza is a limited-management asset with long-term tenant occupancy and a healthy weighted average lease term of over seven years.
Josh Ein, Senior Vice President of Investments, Dean Zang, Executive Managing Director, and David Crotts, Principal, of Marcus & Millichap’s Washington office, executed the transaction on behalf of a local seller and secured a private buyer based in Maryland. Additionally, Jared Cassidy of Marcus & Millichap Capital Corporation arranged acquisition financing for the buyer.
This transaction represents the team’s 14th mall transaction in 2021, after completing 10 such transactions last year. Ein, Zang, and Crotts attribute their success to completing a comprehensive and robust marketing campaign that generated 13 bids and achieved the asset’s total asking price.