Marcus Millichap Lists 2 Properties in Maryland and Florida With Total Listing Tags of $41M

 $29.6M Walgreens Portfolio in Maryland on Block 

PHILADELPHIA, PA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has the listing for a $29.8 million four-property Walgreens portfolio in Maryland. The properties are also available separately.

Mark Taylor, a vice president investments and a director of the firm’s Net Leased Properties Group (NLPG) in Philadelphia, and Dean Zang, (top right photo) an associate vice president investments and an associate director of the NLPG, also in Philadelphia, are representing the seller, a Maryland-based developer.

 David Feldman, (top left photo)  regional manager of the firm’s Washington, D.C. office, is also providing representation.

“It’s rare to find a portfolio of drug stores in the Mid Atlantic region today,” says Zang. “These sites may be most appealing to1031-exchange buyers, especially with the properties’ proximity to the infill markets of Washington, D.C., Annapolis and Baltimore.”

The properties are:

· 498 Ritchie Highway in Severna Park: 14,784 square feet on 1.65 acres with a new 20-year triple-net lease; the list price of $10,333,333 represents $699 per square foot

· 701 Washington Ave. in Chestertown: (middle right photo) 4,952 square feet on 1.3 acres with a new 25-year triple-net lease; the list price of $7,400,000 represents $494 per square foot

· 1800 Main St. in Chester (Kent Island): 14,550 square feet on 1.75 acres with a new 25-year triple net lease; the list price of $6,800,000 represents $467 per square foot

· Route 40 and Whitehall Road in Elkton: 13,721 square feet on 1.25 acres with a new 25-year triple-net lease, the list price of $5,066,666 represents $369 per square foot

$10.9M REO Waterfront Development Site in West Palm Beach, FL Up for Sale

WEST PALM BEACH, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Mizner Lakes, a 21.49-acre REO waterfront development site in West Palm Beach. The listing price is $10,992,000, or $16,000 per buildable unit.

(Royal Park Bridge to West Palm Beach, middle left photo)

Evan P. Kristol, a senior vice president investments, and Still Hunter III, a first vice president investments, both in the firm’s Fort Lauderdale office, are representing the seller, a Minnesota-based financial institution.

“The previous owner acquired the property in April 2006 for $34,840,000,” says Kristol. “Their intent was to develop 677 residential units and 20,900 square feet of retail.

Currently, there is an approved site plan for that project, which was to be called Mizner Lakes,” adds Kristol.

“Due to the downturn in the market, the development never broke ground,” explains Hunter. “There is an approved development order in place with the City of West Palm Beach. Retail use is no longer permitted in this underlying zoning district,” adds Hunter.

Located on Hank Aaron Drive, south of Palm Beach Lakes Boulevard in West Palm Beach, the site is situated on a 400-foot wide canal and has 851 feet of frontage on Hank Aaron Drive.

The location is around the corner from the Palm Beach Mall, (bottom left photo) minutes from downtown West Palm Beach and less than one mile east of Interstate 95. The property is also two miles north of Palm Beach International Airport and less than four miles from Florida's Turnpike.

The Mizner Lakes site is zoned for residential planned development (RPD) but has an underlying multifamily use zoning (MF-32) that allows a maximum density of 32 units per gross acre, which equates to 687 units.

Press Contact: Stacey Corso, Communications Department, 925-953-1716