Marcus & Millichap brokers sale of Laurel Mall

Marcus & Millichap negotiated the sale of Laurel Mall, a retail plaza that encompasses 502,589 rentable square feet, in Laurel, Md.

The value of the transaction was $31 million.

A joint venture between Somera Capital Management, a Los Angeles-based national opportunity fund, and AEW Capital Management, a Boston-based pension fund advisor, purchased the property from an undisclosed entity.

Laurel Mall is located at 14828 Baltimore Ave. and is situated on 23.3 acres. The mall was built in 1979. Major tenants include Hecht's (to be converted to Macy's), International Furniture Liquidators (former JC Penney) and Burlington Coat Factory (not included in sale). Other national tenants located at the property include Finish Line, Victoria's Secret, Bath & Body Works, DEB Shops, Lane Bryant, Champs Sports, New York & Co. and Claire's Boutique.

Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage operating nationwide.

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