8C —August 24 - September 13, 2018 — ICSC PA/NJ/DE Conference & Deal Making — Shopping Centers — M id A tlantic
Real Estate Journal
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New Jersey office represents 27,800 s/f retail property in New York Dougherty, Woodard and Taylor of Marcus & Millichap broker $9.25M North Philly retail sale P HILADELPHIA, PA — Marcus & Millic- hap announced the sale ICSC PA/NJ/DE C onference & D eal M aking
of Victory Square, a 38,234 s/f grocery-anchored retail center located in Philadelphia. The asset sold for $9.25 million. Derrick Dougherty, Scott Woodard and Mark Taylor , investment specialists in Mar- cus &Millichap’s Philadelphia office, had the listing to market the property on behalf of the seller, Post Brothers. Dough- erty, Woodard and Taylor also represented the out-of-market buyer. The buyer acquired the property with assumable debt
Victory Square
in place. “Deals with attractive debt in place that can be assumed are becoming a bit more at- tractive in a rising interest rate environment” said Dough- erty. Victory Square is located
at 4424 N Broad St. in North Philadelphia. The fully-oc- cupied center is anchored by a 18,500 s/f Save-A-Lot and includes Dollar Tree, Taco Bell and a laundromat. “Based on the deal activ-
Middletown Commons
ity in the marketing process, there’s no question there is high demand for urban retail
from local and out of state buyers,” said Woodard. “This asset was well positioned within the submarket and the sellers did a great job securing necessity based retailers to cater and serve the local com- munity.” Marcus & Millichap an- nounced the sale of Middle- town Commons, a 27,800 s/f retail property located in Mid- dletown, NY, for $1,025,100. Alan Cafiero, Ben Sgam- bati, David Cafiero, Matt Leszyk and John Moroz , investment specialists in Mar- cus & Millichap’s New Jersey office represented the seller and buyer, both private real estate investors. Middletown Commons is located at 193 Dolson Ave. in Middletown, NY. Middletown Commons is a 100% leased strip center with close proxim- ity to I-84. Chain leases 2,375 s/f at Levin managed center FLEMINGTON, NJ — Frutta Bowls is coming to Flemington Marketplace in Flemington, announced Levin Management Corporation (LMC) . The fast-casual fran- chise leased 2,375 s/f at the 240,000 s/f open-air shopping center. LMC serves as managing and leasing agent for Flem- ington Marketplace. “Increas- ingly, on-the-go consumers are looking for freshly prepared meals that are healthy, flavor- ful and high in quality,” said LMC senior leasing represen- tative Andrea Kyriacou , who arranged the lease. Frutta Bowls, represented by Seth Katz of Legacy Commercial Realty in the Flemington Marketplace lease, offers natural acai, pita- ya, kale and oatmeal bowls – topped with fruit, granola, and a choice of other toppings.
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