Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the $3,150,000 million sale of the state police barracks says Sean Beuche, Pennsylvania broker of record and Philadelphia regional manager who assisted in the closing. The property is located at 1325 Learn Rd, Avonmore, Pennsylvania 15618.
“The barracks is a unique asset built to suit the Pennsylvania State Police. This state-of-the-art facility features interrogation and evidence rooms, handcrafted lockers, a weight room, and an impound lot for seized vehicles,” says Nick DiPrimio, associate.
This property sits in a great market, one with easy access to surrounding cities and major transportation hubs. The property sits 29 miles outside of Pittsburgh, 135 miles from Cleveland, and about 170 miles from Buffalo as well as Washington, D.C. In addition, the barracks is only 50 miles from Pittsburgh International Airport. The barracks also sits in a strong labor market, in Westmoreland County, that employs 171,000 individuals, with a population of 54,701.
“Long-term leases with government tenants provide investors with security during economic uncertainty. Pennsylvania has investment-grade credit, and typically, the yield from government-tenanted buildings is higher. Having rent increases tied to a consumer price index is also an excellent inflation hedge,” says Mher Vartanian, vice president investments. Craig Dunkle, senior vice president investments, assisted DiPrimio and Vartanian in this transaction.
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.