JULY 2023, SALISBURY, MD – 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.
SVN | Miller Commercial Real Estate is a regional firm specializing in commercial real estate, providing advisory, brokerage, consultation, leasing, and asset & property management services to clients in the Mid-Atlantic Region. SVN combines a comprehensive national footprint with local decision-making expertise and market-leading execution.
The Brand pillars represent the transparency, innovation, and inclusivity that enables Advisors to collaborate with the entire real estate industry on behalf of all clients. SVN’s unique Shared Value Network® is just one of the many ways that SVN Miller Advisors create amazing value and maintain an unequivocal commitment to their clients and community (#SVNgivesback).
SVN | Miller is an Accredited Management Organization® (AMO), with a team of dedicated professionals with market-leading knowledge includes a highly trained staff of Certified Property Managers® (CPM®), Brokers who hold the prestigious Certified Commercial Investment Member (CCIM) designation, and members of the Society of Industrial and Office Realtors (SIOR).
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