10A — April 29 - May 12, 2016 — Shopping Centers — M id A tlantic
Real Estate Journal
www.marejournal.com
S hopping C enters Shopping center is located on nearly 14 acres at 3000 Glimcher Blvd. Marcus & Millichap PA arranges $14 million sale of 126,078 s/f Lowe’s in Hermitage, PA H ERMI TAGE , PA — Marcus & Mil- lichap , a leading
networking power of the company’s unique inventory management system to mar- ket this asset throughout the United States and Canada. The result was that we were able to connect the Pennsyl- vania-based seller with an out-of-state real estate invest- ment trust.” Fuller, along with Erin Patton , a vice president investments in the firm’s Columbus office, and Scott Wiles , a vice president in- vestments in Cleveland, rep- resented the seller, a private real estate developer. The team also procured the buyer,
a national real estate invest- ment trust based in New York. Brenton Baskin is Marcus & Millichap’s broker of record in Pennsylvania. The shopping center is located on nearly 14 acres at 3000 Glimcher Blvd. in Hermitage near a Tractor Supply and a Home Depot. Other national retailers in the area include Giant Eagle, Jo-Ann Fabrics, T.J. Maxx, Kmart, Pet Supplies Plus and Big Lots. Shenango Val- ley Mall, Shenango Valley Cinemas and a Goodwill are also nearby. n Marcus &Millichap D.C. arranges $8.9 million sale
commercial real estate in- vestment services firm with offices throughout the United States and Canada, has ar- ranged the sale of a 126,078 s/f Lowe’s in Hermitage, PA. The $14,042,829 sales price equates to $111 per square foot. “The property was built-to- suit in 1997 and Lowe’s has extended the lease through 2026,” said Craig Fuller , vice president investments in Marcus & Millichap’s Cleve- land office. “We utilized the
Lowe’s in Hermitage, PA
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21639 Cascades Parkway
STERLING, VA — Marcus & Millichap announced the sale of Budget Self-Storage, a 56,795 s/f self-storage facil- ity located at 21639 Cascades Parkway in Sterling, VA, according to Bryn Merrey , regional manager of the firm’s Washington, DC office. Over- all, the asset consisted of 527 non-climate controlled units, ranging from 10 to 525 s/f, and was constructed in 1987 of solid concrete and metal framing. Robert Bloch , investment specialist in Marcus & Millic- hap’s Washington, DC office, along with Michael Mele , senior vice president in the firm’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability com- pany. The buyer, also a limited liability company, was secured and represented by both Rob- ert Bloch and Michael Mele. “The buyer did an excellent job at recognizing the upside in this deal. I’m confident they will do very well with this in- vestment,” Mele said. “The explosive development taking place in Sterling will exert upward pressure on storage rents and make space increasingly scarce in relation to the growing population,” Bloch concluded. n
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Philadelphia, PA $2,550,000
Chester County, PA $1,837,500
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Joe Hanuscin, Sr. Client Manager joe@rittenhousecapital.com ph. 215.971.2004 f. 267.324.3394
For information visit www.RittenhouseCapital.com or call (215) 454-2852
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