M id A tlantic Real Estate Journal — Retail Development Reimagined — October 30 - November 12, 2020 — 9A
www.marej.com
R etail D evelopment R eimagined
ACKETTSTOWN (MOUNT OLIVE), NJ , PHILADEL- Lombardi and Schiavello orchestrate transaction Marcus &Millichap facilitates the sale of a 114,249 s/f retail shopping center in Hackettstown, NJ H
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 submar- ket, only 3 miles from Center City Philadelphia. “This was a rare oppor- tunity to acquire an asset in a dense infill Philadel- phia neighborhood with TD Bank Credit and an experi- enced Little Caesars operator for under $2,000,000,” said Dougherty. MAREJ
PHIA< PA — Marcus &Mil- lichap , a leading commercial real estate brokerage firm spe - cializing in investment sales, financing, research and advi - sory services, announced the sale of Mount Olive Parkade, a 114,249 s/f shopping center lo- cated in Hackettstown (Mount Olive), according to James McGuckin , regional manager of the firm’s New Jersey office. The asset sold for $6 million. Michael Lombardi and Ste- ven Schiavello , investment specialists in Marcus & Millic- hap’s New Jersey office, had the listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Lombardi and Schiavello. In Phi ladelphia, Sean Beuche , regional manager of the Philadelphia office of Mar - cus & Millichap announced the sale of TD Bank & Little Caesars Strip Center, a 3,573 s/f retail property. The asset sold for $1,611,594. Derrick Dougherty and Scott Woodard , investment specialists in Marcus & Mil- lichap’s Philadelphia office, had the listing to market the property on behalf of the seller. The buyer was secured and represented by Dougherty and Woodard. “It was a collective effort by all parties involved. Both the sellers and buyers should be commended and acknowl- edged for their professional- ism and patience through- out the transaction period during the COVID-19 era. This asset stood tall through some particularly challeng- ing times and both tenants remained open and paying rent throughout the duration of the last six months,” said Dougherty. TDBank&Little Caesars is located at 701W. Lehigh Ave. in Philadelphia. 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 dat- ing 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
Mount Olive Parkade
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