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Penn Forest Shopping Center is located at 3300 Walters Lane in Forestville. The property’s largest tenants are Dollar General and CSL Plasma, which opened in 2014 and 2017, respectively, after Woodmont Properties sought to lease the formerly vacant grocery store space. (Photo courtesy of Marcus & Millichap)
Penn Forest Shopping Center sells for $7.4M in Prince George’s County
Listen to this articleMarcus & Millichap, a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, Thursday announced the sale of Penn Forest Shopping Center, a 37,425-square-foot retail center in Forestville, for $7.4 million.
Zang, David Crotts and Jeffrey Pensak, investment specialists in Marcus & Millichap’s Washington office, had the exclusive listing to market the property on behalf of the seller, an affiliated entity with Woodmont Properties, and procured the buyer, an Alexandria-based investor. Woodmont Properties facilitated a reverse 1031 exchange as part of its disposition of the property.
Penn Forest Shopping Center is located at 3300 Walters Lane. The property’s largest tenants are Dollar General and CSL Plasma, which opened in 2014 and 2017, respectively, after Woodmont Properties sought to lease the formerly vacant grocery store space. These two tenants generate more than 51% of the property’s overall revenue, significantly bolstering its financing prospects in a challenging capital markets environment. Financing totaling $5.5 million, or 75% of the property’s value, was secured through Eastern Union and a relationship bank lender.
