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 Vermillion Square, a 45,222-square-foot retail neighborhood, says Sean Beuche, Pennsylvania broker of record and Philadelphia regional manager who assisted in the closing.
“Throughout the sale process, both the buyers and sellers remained professional and proactive despite market challenges and an extended closing period,” said Scott Woodard, first vice president investments.
This shopping center’s location is in Bucks County, an affluent, popular, and quaint area of the Philadelphia suburbs. Surrounding the property is over 209,000 residents with an average household income of $106,000. Consumer spending is expected to increase 9% in the next five years, making this visible property in a local commuter corridor a prime retail location.
“This center offered a unique and rare opportunity to acquire a lower Bucks County property. We received numerous offers on this property but ended up selecting a local high-end private 1031 exchange buyer,” said Derrick Dougherty, senior vice president investments.
This property presented itself as a great investment opportunity, as a 100% occupied and 100% triple-net lease location. Also, 70% of the leasable space offers a hedge against inflation with a 2-3% rent increase.
“The sellers did an amazing job securing a primarily service-based tenant mix to cater the submarket’s needs. Vermillion has tremendous real estate fundamentals with all triple-net leases and a hedge against inflation through rental increases,” said Colin Reder, associate. Assisting Woodard, Dougherty, and Reder on the deal was Chase D’Arcangelo, associate.
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.
