Montgomery Village Marketplace, a multi-tenant shopping center in Gaithersburg, has been sold for $4.6 million.
The sale was announced by Calkain, a commercial real estate brokerage firm. Neither the seller nor buyer were disclosed. Calkain said the purchaser was a local group that completed the acquisition under a 1031 exchange, named for the section of the federal tax code that allows an investor to defer capital gains taxes on the sale of an investment property so long as another “like-kind property” is purchased with the profit.
“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,” said Andrew Fallon, Calkain’s executive managing director, in a statement.
Montgomery Village Marketplace is roughly 12,700 square feet and has 10 tenants, including T-Mobile, Montgomery Dentist and The Village Pharmacy. The property is in a dense retail corridor in the heart of Montgomery Village, adjacent to a new revitalization project with an expected summer 2020 completion.