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BALTIMORE-A four-asset portfolio put out to market recently has already received an LOI on one property and has offers pending on two others, according to one of the brokers representing the Towson-based developer. The properties are being targeted by 1031 buyers, Dean Zang in Marcus & Millichap Real Estate Investment Services’ Philadelphia office, tells GlobeSt.com. Zang, along with Mark Taylor, a director of the firm’s Net Leased Properties Group and Payton Banks, an associate vice president in the firm’s Washington, DC office, are representing the seller.

There is an uptick in 1031 activity right now, Zang says, due to properties needing to close in a timely manner for the 2009 tax year. The LOI and two pending offers have been made by three separate buyers. Even without the looming deadline, net-leased drug stores in the Mid-Atlantic corridor are faring well, Zang said. In particular, “buyers in a flight to quality area like Maryland are eager for good product because of the high barriers to entry.”

The portfolio is averaging slightly higher than a 7.5% cap rate, with three of the properties averaging a 7.5% cap and one a 7.8% cap. The properties are:


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