Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced on Thursday the sale of Gaitherstowne Plaza located in Gaithersburg. The 71,329-square-foot shopping center is 100% leased and sold for $24.45 million. Gaitherstowne Plaza also boasts an average tenant tenure of over 10 years and is home to IHOP, AutoZone and more.
Per the press release: Gaitherstowne Plaza is a 71,329-square-foot shopping center and is 100% leased. The average tenure of tenants at the property is over 10 years and the roster includes national brands Gabe’s, AutoZone, Sherwin Williams and IHOP on an outparcel. “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,” noted Dean Zang, IPA executive managing director.
Zang and IPA’s David Crotts and Josh Ein represented the seller, an entity related to BIG Shopping Centers USA, a subsidiary of the Israeli parent company BIG Shopping Centers Ltd., and secured the buyer, Milbrook Properties, a Manhasset, New York-based investment group. “Gaitherstowne Plaza’s location along the busy North Frederick Avenue corridor makes it a strong draw for tenants,” added Crotts. “Growing rents and strong demographics ensure the asset will continue to appreciate over time. We are appreciative of BIG USA entrusting us with this transaction and excited to help Milbrook Properties expand in the Mid- Atlantic with their first retail acquisition in Maryland.”
Photo, captured in 2014, courtesy of Google Maps