The PMG station
LINTHICUM HEIGHTS, MD–Petroleum Marketing Group, a net-leased fueling station and convenience store here just traded for $6.2 million, or a 6.32% cap rate. The seller was a developer and former operator who has owned the property since 2004 and the buyer is a private investor who plans to hold the property on a long-term basis.
Christopher Burnham and Dean Zang of Marcus & Millichap marketed the property on behalf of the seller and secured the buyer. The property received 10 offers and closed at 96% of its original list price.
Gas stations are becoming a preferred asset class for net lease investors in large part because they are “Amazon resistant,” Zang tells GlobeSt.com.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
