Marcus & Millichap Arranges the Sale of a 57,900-Square-Foot Industrial Property
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)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.