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 Lower Allen Commons, a 17,300-square-foot retail space said Sean Beuche, regional manager and Pennsylvania broker of record, who assisted in the closing.
“The buyer was a repeat client of the firm based out of Naples, Florida. They purchased this Trader Joe’s-anchored retail center to fulfill a 1031 exchange from an asset they disposed in Philadelphia. Financing was provided by Wells Fargo,” said Steve Garthwaite, first vice president investments.
“This was a unique investment with the grocery-anchored tenant, Trader Joe’s, because it is the only Trader Joe’s location within 50-miles and is the first on the western shore of the Harrisburg MSA,” said Derrick Dougherty, senior vice president investments.
“This new construction asset offered the investor stability of long-term tenants and zero deferred maintenance while providing a best in class rent roll,” added Garthwaite. Dougherty and Garthwaite worked together to successfully close 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.co.
