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
Recent Stories
The State Board voted unanimously on April 24, 2024, to appoint Dr. Carey M. Wright as the Maryland State Superintendent of Schools for the term to begin July 1, 2024….
Montgomery County Police are investigating an attempted sexual assault that occurred on Tuesday, April 23.
Montgomery County Police responded to a shooting on Wednesday, April 24, in Germantown.
The NOW Massage, a growing franchise that describes itself as “disrupting the wellness space with high quality, affordable massage services in an inspired setting” is now open in Bethesda. The…
FEST OF SPRING Caribbean Wine Food & Music Festival
Get ready to experience the vibrant colors, tantalizing flavors, and infectious rhythms of the Caribbean at the FEST OF SPRING Caribbean Wine Food & Music Festival! Hosted by RHU LLC, this exciting festival is set to take place on May 18, 2024, at the picturesque 16700 Barnesville Rd in Boyds, MD.
Step into a world where the Caribbean spirit comes alive! From 12:00 PM onwards, immerse yourself in a sensory journey that celebrates the unique culture, cuisine, and music of the Caribbean. Whether you're an African American, a Reggae or Soca music enthusiast, a wine lover, or part of the vibrant Caribbean diaspora, this festival promises to delight and captivate you in every way.
Let the enticing aromas of mouthwatering Caribbean dishes tantalize your taste buds. Feast on traditional delicacies prepared by expert chefs, showcasing the rich and diverse culinary heritage of the Caribbean. Indulge in flavorful jerk chicken, succulent seafood, and delectable plantain dishes that will transport you straight to the islands.
Accompanying the culinary extravaganza is a carefully curated selection of premium wines, ensuring the perfect pairing for your palate. Sip on fine wines from renowned vineyards, each sip a reflection of the Caribbean's vibrant spirit. Discover new flavors, expand your wine knowledge, and savor unforgettable moments with every glass.
As the sun sets, get ready to groove to the infectious rhythms of Caribbean music. Feel the pulsating beats of reggae, soca, dancehall, and calypso, moving your body to the lively melodies. Live performances by talented musicians and performers will keep the energy high, ensuring a night of unforgettable entertainment.
Don't miss this opportunity to embrace the Caribbean spirit and celebrate the arrival of spring in style! Tickets are available on AllEvents, so secure your spot today. Join us at the FEST OF SPRING Caribbean Wine Food & Music Festival, where cultures collide and unforgettable memories are made.
LIVE PERFORMANCES By: CULTURE Feat. Kenyatta Hill, EXCO LEVI, IMAGE BAND, RAS LIDJ REGG'GO with Special Guest SUGAR BEAR FROM E.U. & MORE! & MORE!
MUSIC By: DJ ABLAZE, DJ SMALLY & NAJ SUPREME
2 NIGHT Camping packages available: RV/CAMPER $200 | TENTS $150 Starting on Friday May 17 @ 5pm | 30 RV SPACES | 30+ TENT SPACES
KIDS 12 & UNDER FREE!!!
