Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of The Roberts Building. The 37,963-square-foot office property is located on the most popular street of downtown Downingtown, PA, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for $3,550,000.
Craig Dunkle, Jackson Day and Mher Vartanian, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Craig Dunkle, Jackson Day and Mher Vartanian,
“With the pandemic unfolding over the past seventeen months, the office sector was one of the first asset classes to immediately suffer,” said Day. “However, given the property’s highly sought-after location and close proximity to amenities, we were able to secure a local investor that has experience in the Chester County market at an extremely aggressive capitalization rate for our seller. We are once again thrilled to create significant value for our clients in an attractive suburban market.”
The Roberts Building is located at 100 E Lancaster Ave, Downingtown, PA., on the corner of E. Lancaster Avenue & Brandywine Avenue, which directly feeds into Route 30. This intersection sees over 30,508 VPD, serving as one of the most prominent and desirable Downingtown locations. Built in 1967 and renovated in 2000, the property currently houses three tenants.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
