Marcus & Millichap Trades Former Steamer’s Site in Woodmont Triangle for $4,650,000

6/13/16

Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of 4816-4828 Auburn Ave, formerly Steamer’s Seafood House in Bethesda, Md., according to Bryn D. Merrey, first vice president and district manager of the firm’s Mid-Atlantic offices. The asset, which is currently vacant and condemned, sold for $4,650,000.

Josh Feldman, associate vice president investments in Marcus & Millichap’s Washington, D.C. office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. Feldman also secured the buyer, Novo Properties, who has already applied for a permit to redevelop the lot. The redevelopment plans include a 110-foot mixed-use property with 58 multifamily units and 2,800-square feet of ground floor retail.

“Even though the Bethesda Sector Plan has yet to be finalized, properties with development potential in the Woodmont Triangle are still in significant demand,” Feldman explained. “The competitive process we work very hard to create resulted in almost a dozen strong offers and ultimately a sale price that I think will surprise most developers in the market and perhaps have them going back to sharpen their respective pencils.”

4816-4828 Auburn Ave, located at the corner of Auburn and Norfolk avenues, includes four contiguous lots totaling 8,342 square feet in the Woodmont Triangle district of Bethesda, Md. The location served as Steamer’s Seafood House for 25 years before closing in August 2015, and has since been condemned by Montgomery County following the collapse of the roof in the January snow.

About Marcus & Millichap (NYSE: MMI)

With over 1,600 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 over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company 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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