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 301 Penn Avenue, a 10,000-square-foot office property located in West Reading, Pennsylvania, according to Sean Beuche, Pennsylvania broker of record and regional manager of the firm’s King of Prussia office. The asset sold for $2,800,000.
“As growing fears of uncertainty in the market loom overhead, medical office buildings have proven to be a safe investment. These asset types have shown to be resilient in rocky markets in the past, and likely will be in the future as well,” said Mher Vartanian, vice president investments.
Craig Dunkle, Clayton Hollinger, and Mher Vartanian, investment specialists in Marcus & Millichap’s King of Prussia office, had the exclusive listing to market the property on behalf of the seller, a private investor.
“We are still seeing a strong demand for office properties even in the post-COVID world. Closing at list price, this pillar of the community in West Reading was an honor to work on,” said Hollinger, associate.
301 Penn Avenue is located at 301 Penn Ave in West Reading, Pa. This property sits in a bustling market, seeing over 33,900 vehicles per day, with easy access to Route 422.
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.