6A — October 24 - November 13, 2014 — Shopping Centers — M id A tlantic
Real Estate Journal
www.marejournal.com
S hopping C enters
Marcus &Millichap arranges sale of a 25,583 s/f shopping ctr. Marcus&Millichaparranges the $1.6m sale of a Giant gas station
IMERICK, PA — Mar- cus & Millichap , a commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Giant Gas Station, a 1,000 s/f net-leased property located in Limerick, according to Brenton Baskin , regional manager of the firm’s Philadel- phia office. The asset sold for $1.6 million. Matthew Gorman and Mi- chael Shover , investment spe- cialists in Marcus &Millichap’s Philadelphia 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 Gorman and Shover. “Ona challenging assignment wewere able to generatenumer- ous offers, allowing the seller to see the market and make the best business decision possible,” said Gorman. “At the end of the day our persistence, experience andpatiencehelped toguide this transaction to the closing table with an institutional buyer.” L
Giant gas station
Commercial Opportunities
secured the Midtown Village buyer, a Wyoming Valley pri- vate investor expanding its commercial property portfolio in northeastern Pennsylvania. This is the third shopping cen- ter marketed and sold by Mar- cus & Millichap in the Wilkes Barre/Scranton metropolitan area in the past 10 months: the other two are the 423,000 s/f West Side Mall in Edwards- ville, PA and the 101,000 s/f Dunmore Shopping Center in Dunmore, PA. n
WILKES BARRE, PA — Marcus & Millichap an- nounced the sale of Midtown Village, a 25,583 s/f urban shopping center located in downtown Wilkes Barre, PA, according to Brenton Baskin. Jeff Algatt , Dean Zang and Mark Taylor , investment specialists in Marcus &Millic- hap’s Philadelphia office, had the listing to market the prop- erty on behalf of the seller, an affiliate of Wilkes Barre-based Humford Equities. Algatt
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