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Marcus & Millichap arranges sale of net-leased property in Laurel

Marcus & Millichap (NYSE: MMI), a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced Thursday the sale of a 24,588-square-foot net-leased property tenanted by Easterns Automotive Group in Laurel.

The asset sold for $4.65 million, according to Brian C. Hosey, divisional manager of the firm’s mid-Atlantic offices.

Bryn Merrey, John Faus and Robert Filley, investment specialists in Marcus & Millichap’s Washington office, had the exclusive listing to market the property on behalf of the seller, a personal trust. The listing team also represented the buyer, Easterns Automotive Group.

The subject property is located at 9950 Washington Blvd N. in Laurel. Its 2.41-acre site houses a 14,000-square-foot warehouse dedicated to automotive services, in addition to a 10,558-square-foot showroom. Prior to owning the property, Easterns Automotive Group leased it under an absolute triple-net lease, meaning they were one hundred percent responsible for all expenses, including building structure repairs.