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Marcus & Millichap Arranges the Sale of a 57,900-Square-Foot Industrial Property

October 28, 2021

WILLIAMSPORT, MD, October 28, 2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 57,900-square-foot triple net-leased industrial property located in Williamsport, MD, according to Brian C. Hosey, regional manager of the firm’s Washington, D.C. office. The asset sold for $5,325,000.

Bryn Merrey, John Faus and Robert Filley, investment specialists in Marcus & Millichap’s Washington, D.C. office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, another limited liability company, was secured and represented by Merrey and Faus. Hosey, Marcus & Millichap’s broker of record in Washington D.C., assisted in closing this transaction.

“There was tremendous interest in the property due to its prime location, significant outdoor storage space and long-term tenant,” said Merrey. “Although our marketing generated numerous offers, the property ultimately sold to a Maryland-based investor who recognized the commitment of its tenant and strength of the local market.”

Located at 16404 Elliott Pkwy in Williamsport, MD, the property is occupied by Xerxes - North America’s largest manufacturer of fiberglass underground tanks for fuel, water, wastewater, and the oil and gas markets. It features four drive-in doors, two loading docks, 27 -30-foot clear heights and approximately 5.5 acres of outdoor storage currently being utilized by the tenant. Its location provides easy access to I-81 and I-70, which means it is within a one-day truck drive to half the country’s population. The local industrial market boasts a 98.8 percent occupancy level.

 

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About Marcus & Millichap (NYSE: MMI)

With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.

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