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 Brandywine Plaza, a 44,241-square-foot retail property located in Harrisburg, Pennsylvania, according to Sean Beuche, Pennsylvania broker of record and regional manager of the firm’s Philadelphia office. The asset sold for $4,675,000.
“This first-generation sale is a testament to service-based retail and the assurance that the Harrisburg MSA brings to out-of-state investors,” said Craig Dunkle, senior vice president investments.
Craig Dunkle and Mher Vartanian, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller. The buyer, a developer, was also secured and represented byDunkle and Vartanian.
“With investment risk on the rise throughout the country, Brandywine Plaza is a time-tested asset that ensures the buyer stability in the midterm. The fundamentals of the property paired with the net-lease structure of the leases made this asset not only competitive for buyers in the market, but we received many quotes from lenders looking to finance a deal. This speaks volumes in terms of the longevity of the investment,” said Vartanian, vice president investments.
Brandywine Plaza is located at 2237 Paxton Church Rd in Harrisburg, Pa. The property caters to a diverse tenant mix including local restaurants, office spaces, stores, and fitness centers, driving local residents to the strip. The property is at 100% occupancy across 21 suites.
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, 2022, the company had 1,904 investment sales and financing professionals in 81 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 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.
