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 Rite Aid says Sean Beuche, Pennsylvania broker of record and Philadelphia regional manager. The property is located at 5440 Peach St, Erie, Pennsylvania 16509.
“This buyer was a client that recently sold a 54-unit apartment complex in Washington, D.C. I am thrilled that we could facilitate a 1031 exchange into this Rite Aid property for the client, as well,” says Lorenzo Wooten, senior associate.
This property sits in a great market, being the #1 performing store in the region, as well as a top 10% performing location among the chain. The area, within a five-mile radius, is home to 145,000 people, an extraordinarily high population density which maximizes foot traffic. Also, the property is placed between major residential communities and interstate highways I-90 and I-79, making it a primary pit stop for tourists, travelers, and locals.
“This sale represented an opportunity for the buyer to obtain a net-lease property with a corporate guarantee, 10-year lease, with a credit rated tenant in an emerging submarket. In addition, the buyer is happy with the attractive CAP rate on this acquisition,” added Wooten.
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.