Marcus & Millichap, a commercial real estate investment services firm, announced the sale of a freestanding, 51,994-square-foot Super Giant grocery store and gas station in Millsboro. The property sold for $10,24 million, which represents approximately $200 per square foot.
Dean Zang, senior managing director investments in Marcus & Millichap’s Washington, D.C. office, represented the seller, a Delaware-based development company. The buyer is a publicly traded real estate investment trust.
“The attractive credit of Ahold, coupled with a long-term lease, helped generate multiple offers. The buyer was able to complete the transaction by quarter-end, despite numerous complexities,” stated Zang.
Zang represented the same partnership on the sale of the neighboring 31,000-square-foot shopping center and McDonald’s pad site in a separate transaction in 2009. Combined, Zang handled approximately $20 million in these three transactions.
Built in 2008, the Super Giant grocery store is located in the center of an emerging retail hub along Delaware Route 24, the John J. Williams Highway, which connects the town of Millsboro to Route One and the Rehoboth Beach area.
Donald R. MacLaren Jr., senior vice president investments, is Marcus & Millichap’s broker of record in Delaware.