Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales has announced the sale of TD Bank & Little Caesars Strip Center, a 3,573-square foot retail property located in Philadelphia, PA. According to Sean Beuche, regional manager of the firm’s Philadelphia office, the asset sold for $1,611,594.
Derrick Dougherty and Scott Woodard, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller. The buyer was secured and represented by Derrick Dougherty and Scott Woodard. “It was a collective effort by all parties involved. Both the sellers and buyers should be commended and acknowledged for their professionalism and patience throughout the transaction period during the COVID-19 era. This asset stood tall through some particularly challenging times and both tenants remained open and paying rent throughout the duration of the last 6 months.”, said Dougherty.
TD Bank & Little Caesars is located at 701 W. Lehigh Ave in Philadelphia, PA. The center is anchored by TD Bank (S&P: AA-; Moody’s: A1), one of the 10 largest banks in the U.S., with over 27,000 employees and an operating history dating back 150 years. “TD Bank is a relocation site with the highest deposits within the submarket.” The Property is also co-anchored by Little Caesars, the 3rd largest pizza chain in the United States and has been in business since 1959. “Little Caesars launched their new delivery service in January 2020 just in time to cater to the local submarket.”, said Woodard. The Property benefits from its established location in the North Philadelphia submarket, only 3 miles from Center City Philadelphia. The Property is strategically located along Lehigh Avenue, a primary retail corridor, offering the property exceptional visibility with traffic counts upwards of 17,000 vehicles per day. “This was a rare opportunity to acquire an asset in a dense infill Philadelphia neighborhood with TD Bank Credit and an experienced Little Caesars operator for under $2,000,000.”, said Dougherty
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.
