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 Bethlehem Village Shoppes, says Sean Beuche, Pennsylvania broker of record and Philadelphia regional manager who assisted in the closing. The property is located at 3650 Nazareth Pike, Bethlehem, Pennsylvania 18020.
“Bethlehem Village Shoppes is a 32,000-square-foot neighborhood center that’s 100% occupied with triple-net-leases. The seller should be commended for stabilizing this asset throughout the COVID-19 pandemic by securing an investment grade anchor tenant like AutoZone to complement the existing tenant mix,” says Scott Woodard, first vice president investments.
This property sits in a location with a bright financial future, consisting of new retail development, an 11% expected spending increase within the next five years within a five-mile radius, and top-performing retail hubs nearby. Further, Bethlehem Village sits adjacent to a top 20% shopping center among the United States.
“During the first thirty days of marketing this asset, we were able to secure over ten offers from qualified buyers on a local and regional level. The investment community was mainly attracted to the consistent growth of the Lehigh Valley submarket,” says Colin Reder, associate. “Ultimately, we selected a local buyer who we’ve known for over ten years who was able to secure debt from Embassy Bank that was not being offered on a regional or national level. All in all, this just proves time after time that real estate continues to be a relationship business,” added Woodard. Working beside Woodard and Reder in this closing is Derrick Dougherty and Daniel Bernard.
Aside from economic draws to this property, Lehigh Valley remains a coveted location for families, aspiring students, and the workforce. Lehigh Valley has been ranked in the Top 100 Places to Live in the country by U.S. News & World Report. In addition, there are over 140,000 residents within a five-mile radius of the property with an average household income of $110,000.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
