Herndon, VA – July 18, 2019 – Calkain’s Jonathan Hipp and Andrew Fallon, recently completed the sale of Montgomery Village Marketplace, a multi-tenant shopping center in Gaithersburg, MD. The shopping center is located in the heart of Montgomery Village, adjacent to the new revitalization project approved and underway with an expected summer 2020 completion. The shopping center sold for $4.6 million.
“There are very few neighborhood retail centers for sale in Montgomery County, so we were able to generate multiple offers and achieve a strong execution. The buyer was a local group completing a 1031 exchange, and this is a great long-term acquisition for them given the quality and location of the asset,” stated Fallon, Calkain’s Executive Managing Director. Jonathan Hipp, President/CEO, commented, “The underlying real estate is what trade buyers are looking for and this location checked all the boxes.”
Montgomery Village Marketplace is roughly 12,700 square feet, 10-tenant strip center with tenants such as T-Mobile, Montgomery Dentist and The Village Pharmacy. The property is situated in a dense retail corridor which includes a CVS, SunTrust, McDonald’s and more. The planned suburban community is in Montgomery County, the most populous and highest income county in Maryland.
Calkain Companies is a commercial real estate brokerage firm which specializes in assisting buyers and sellers with single and multi-tenant net leased properties through all aspects of the transaction including advisory, brokerage, debt placement, equity placement, asset management and research. Calkain has a national platform with multiple office locations throughout the entire East Coast. Additional information about the firm and listings may be found at calkain.com.