10C — October 14 - 27, 2016 — Pennsylvania — M id A tlantic Real Estate Journal
www.marejournal.com
S outheastern PA
ANHEIM, PA — Marcus &Millichap announced the sale TZD Retail team in the Philadelphia office, had the listing to market property Marcus & Millichap arranges the sale of the ground lease for a planned Sheetz M car wash. Sheetz is scheduled to open for business in Sep- tember 2016.
ninth Sheetz transaction. The buyer was secured and represented by Lawrence Gariano and David Beyel , investment specialists also in Marcus & Millichap’s Phila- delphia office. “Both the buyer and seller came to the table with differ- ent strategies,” said Garth- waite. “The developer was looking to pay down debt and invest in future projects, while the buyer was pre- serving equity in a 15-year corporate-backed lease.” The triple-net property was sold pre-construction with
approved development to include Sheetz, a town cen- ter and hotel, part of a three phase development plan. The 6,103 s/f convenience store is part of the company’s new prototype launch that includes 24-hour service and Leola PA — Bethanie Mackley-Zander of NAI Commercial Partners Inc. represented both landlord and tenant (Achenbach’s Pastry) in the recent lease of 371 E Main Street, Leola. It is being leased
as Sheetz, Royal Farms and Wawa have such a strong demand we are noticing these rates have been compressing over the past 15 months com- pared to the rest of the net- leased market,” said Garth- waite. n
“These types of transac- tions highlight the strong appeal for ground leases of well-respected convenience store brands. Brands such
of a 15-year Sheetz ground lease located inManheim, ac- cording to Brenton Baskin , regional manager of the firm’s Philadelphia office. The asset sold at list price, $3 million. Steve Garthwaite, Der- rick Dougherty and Mark Taylor , investment special- ists of the TZD Retail team in Marcus & Millichap’s Phila- delphia office, had the listing to market the property on behalf of the seller. This clos- ing marks the team of agent’s
NAI Commercial Partners inks lease in Leola
by Eli’s Place of Leola, slated to open December, 2016, Eli’s will offer daily breakfast and lunch options as well as a ban- quet room with loft area for private evening dinner events, by reservation only, and for parties of 50-150. n Orangetheory Fitness joins tenant mix at Bradford Plaza WEST CHESTER, PA — Orangetheory Fitness is join- ing the growing tenant roster at Bradford Plaza in West Chester, announced Levin Management , the property’s managing and leasing agent. Known for its cardiovascular and strength training classes, the national fitness franchise has leased 4,050 s/f at the 161,000 s/f, grocery-anchored shopping center. Levin leasing representa- tive Barry Borsky negoti- ated the long-term lease. Windsor Realty Group, LLC represented the tenant. “We are excited to bring Orangetheory Fitness’ unique workout concept to those who live and work inWest Chester and the surrounding area,” said Borsky. “Gyms and fit- ness chains are valued com- munity amenities that gen- erate considerable consumer traffic to shopping centers. Orangetheory Fitness will certainly complement the di- verse mix of tenants at Brad- ford Plaza, as well as increase the frequency and duration of visitors’ experience at the center.” Orangetheory Fitness is a one-of-a-kind group personal training workout broken into intervals of cardiovascular and strength training. n
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