M id A tlantic Real Estate Journal — Southeastern Pennsylvania — April 10 - 23, 2020 — 19A
www.marej.com
S outheastern P ennsylvania
David Adam Realty purchases The Shops At Red Lion in Philadelphia for $11.975M Marcus & Millichap's Dougherty, Krantz and Woodard inks sale of a 24,688 s/f shopping center P
HILADELPHIA, PA — Marcus & Millichap, a leading commercial real estate investment services firm, has announced the sale of Shops at Red Lion, a 24,688 s/f retail property located in Philadelphia, PA, according to Sean Beuche , regional manager of the firm’s Phila - delphia office. The asset sold for $11.975 million. DerrickDougherty, Mark Krantz , and Scott Woodard , investment specialists in Mar- cus &Millichap’s Philadelphia office, had the exclusive list - ing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company con- trolled by David Waldman of David Adam Realty , was secured by Dougherty, Krantz, and Woodard. “Shops at Red Lion is a prime example of a buyer and seller partnering up and having an open line of communication to get the deal to closing. It’s a valu - able lesson to the investment community, sometimes who you are buying from is just as important as what you are buying” said Dougherty. “We were dealing with seasoned professionals on both sides of the transaction, which made it a very enjoyable process” The Shops at Red Lion, lo- cated at 10000-90 Roosevelt Blvd., is highlighted by na- tional anchor tenants such as Starbucks, Urgent Care, Ve- rizon, and Dunkin’. The prop - erty is 100% occupied, with 85% of tenants signed to NNN leases with lease renewal op- tions. The property is ideally positioned along the Roosevelt Boulevard, the dominant east/ west corridor through North Philadelphia, offering the property exceptional visibility with traffic counts upwards of 63,000 vehicles per day. “The Shops at Red Lion is a gen- erational asset in a consistent, stable Northeast Philadelphia submarket” said Krantz. “The center fits perfectly with the purchaser’s investment strat - egy of owning a high-quality neighborhood center with internet-proof tenancy in a dense trade area.” In other news, Marcus & Millichap announced the sale of Verizon & FedEx Strip Centers, a 9,306 s/f retail property located in Wilkes Barre Twp., PA. The asset sold for $2.6 million. Dougherty and Krantz, had the listing to
Derrick Dougherty
Mark Krantz
Scott Woodard
market the property on behalf of the seller, a limited liability company, the duo also secured the buyer, another limited li- ability company. The shopping strip was sold 100% occupied with Verizon
Wireless and Fedex anchor - ing the center. The tenant list also includes Manpower, the third largest staffing firm on a global scale, and Raymond James, an investment banking company. “This is a genera-
Shops at Red Lion
row is only pointing up” said Krantz.
tional asset for the purchaser in a submarket where the ar-
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