Marcus & Millichap, a commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Nanticoke Crossing, a 50,590-square-foot retail property located in Millsboro.
Nanticoke Crossing consists of 50,590 square feet of retail space anchored by Weis Markets. The sale price of the property was not disclosed.
The fully occupied neighborhood center was anchored by Food Lion for decades before it was acquired by Weis Markets as a result of the Ahold and Delhaize Group merger. Nanticoke Crossing was the first shopping center developed along this now popular retail corridor on the outskirts of the Millsboro/Rehoboth marketplace along John G. Williams Highway. New retailers including Giant, Harris Teeter, Wawa and others have entered the corridor in the last decade.
Chris Burnham, vice president investments, in Marcus & Millichap’s Baltimore office, and Dean Zang, senior managing director-investments, in Marcus & Millichap’s Washington, D.C. office, had the exclusive listing to market the property on behalf of the seller, a local family, and represented the buyer, a Pennsylvania-based corporation that was not identified in a press release.
“Despite Weis’ short-term anchor lease, there was a tremendous amount of interest in Nanticoke Crossing,” Burnham explained. The team successfully executed the sale within 95 percent of the asking price. “Regardless of lease-term, if the grocer has respectable sales, we are seeing strong buyer interest,” Zang added.
Nanticoke Crossing was the 14th shopping center that Zang, Burnham and their seven-person team have completed this year with two more slated to close by year-end, including one on the Delmarva Peninsula. The team also brokered the sale of the Giant anchored center located directly across the street several years ago.
Ridge MacLaren is the firm’s broker of record in Delaware.
