SVN | Miller Commercial Real Estate Senior Advisor Tonney Insley and Managing Director Brent Miller brokered the sale of the Salisbury Promenade located at 2618 N. Salisbury Blvd in Salisbury, MD.
Anchored by a 22,044 SF Barnes & Noble, which has been at the property for over 15 years, Salisbury Promenade has a diverse mix of traffic generating services and eateries including Mission BBQ, Pivot Physical Therapy, Eyemart Express, A Nail Story, Xfinity Wireless and Great Clips.
Back in 2018 Salisbury Promenade was purchased at auction by a local investment group, Synergy Investment Fund. At the time of the purchase, the property was 60% leased and in need of updates to satisfy some deferred maintenance. SVN | Miller Commercial Real Estate handled the deferred maintenance as well as the leasing of the vacant units. At the time of the sale the property had one 2,500 square foot vacancy with several strong tenant prospects.
With multiple purchase offers to review, the property Sellers ultimately went with a regional investor, Gazit Management, LLC. The transaction was co-brokered with Mark Mueller of Broad Reach Retail Partners and the Buyer will manage the asset privately.
