Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm, has announced the sale of a Multi-Tenant Retail Center, located in Temple, PA, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for $11,585,000.
The buyer, a limited liability company, was secured and represented by Derrick Dougherty and Mark Krantz, investment specialists in Marcus & Millichap’s Philadelphia office. “The buyer was a repeat client of the firm who entered into a 1031 exchange in the initial stages of the COVID-19 era. There was certainly a back to basics approach with this exchange focusing on the core real estate fundamentals, essential retailers, and predictable cash flows.”, said Dougherty. “We were extremely fortunate to work with well-respected professionals on this transaction. Managing expectations on timelines was a key component to getting this deal successfully closed during a challenging time.”, added Krantz.
The Property is located at 4229 N 5th Street Hwy in Temple, PA. The asset boasts a top of class, internet-resistant tenant mix featuring Chick-Fil-A, Panera Bread, Mod Pizza, and Visions Credit Union. “This asset is comprised of some of the most well-respected retail tenants in the industry. Our team is very thankful for the opportunity to work with this client over the course of the last year, helping them build a portfolio they can be proud of and that will stand tall even if more challenging times still lie ahead.”, Said Dougherty.
Located directly adjacent to 5th St. Highway (17,876 VPD) in the Reading MSA in Berks County, the Property consists of three freestanding buildings with a total of 21,850 SF situated on 3.19 acres. The original construction of each building occurred in 2019 – 2020, while the primary lease terms vary between 10 – 20 years.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.