S hopping C enters
Real Estate Journal — Shopping Centers — May 25 - June 7, 2018 — 5A
www.marejournal.com
M id A tlantic
Baltimore County shopping center planned for redevelopment sells for $5.4M Marcus & Millichap arranges the sales of $10M grocery center in major Maryland market
ilver Springs, MD — Marcus &Millichap , a commercial real estate investment services firm with offices throughout the United States and Canada announced the sale of Safeway (Albert- sons Guaranty), a 44,600 s/f supermarket located in Silver Spring. The asset sold for $10.425 million. Preet Sabharwal and Mi- chael Scali of Marcus & Mil- lichap’s Manhattan office had the listing to market the prop- erty on behalf of the seller. Dean Zang and Joshua Ein of the firm’s Washington office procured the buyer. “The cap rate on this deal signifies that there is still a strong demand for neces- sity based retailers despite the negative portrayal painted by the national media” said Scali. “This transaction is evidence that investors are still bullish on necessity based retailers with substantial credit.” S 40,000 s/f retail building at Hampden Commons, 5800 Carlisle Pike, Hampden Twp., Cumberland County, PA. Ollie’s Bargain Outlet, Inc. leased the space from Voor- hees Environmental Corp. Brad Rohrbaugh and Chad Stine of Bennett Williams Commercial represented the landlord in the transaction. 11,000 s/f retail building at 777 Baltimore St., Penn Twp., York County. Michael Humbert dba Ideal Auto Body leased the space from 1221 As- soc., Inc. Karen Neiderer of Bennett Williams Commercial represented the tenant and Denny Neiman of Bennett Williams Commercial rep- resented the landlord in the transaction. 1.03 AC land at Blakeslee Blvd. East, Lehighton Bor- ough, Carbon County, PA. Mavis Tire Supply, LLC leased York County, PA — Bennett Williams Commer- cial completed the following retail transactions in PA:
traded throughout the country. Bryn Merrey, senior vice president of Marcus & Mil- lichap acted as the broker of record. In Timonium Marcus & Millichap announced the sale of Padonia Park, a 24,239 s/f mixed-use property located in the Baltimore suburb of Timonium. After a successful marketing process that gener- ated five offers and interest from investors, developers and users, the asset sold for $5.4 million which equates to $222 psf and over $2.3 million per acre. Christopher Burnham , senior associate in Marcus & Millichap’s Baltimore office and Zang had the listing to market the property on behalf of the private seller, and also secured and represented the unnamed buyer. Padonia Park is comprised of a 12,890 s/f neighborhood retail strip center and a two- space fromCarlisle Commerce Center Associates. Blake Gross and Jeremiah Ham- ilton of Bennett Williams Commercial represented the landlord in the transaction. 12,380 s/f retail building at 21 N. College St., Palmyra Borough, Lebanon County. Firehouse Holdings, LLC pur- chased the property from Citizens Fire Company No 1. Chris Seitz of Bennett Wil- liams Commercial represented both the buyer and the seller in the transaction. 18,000 s/f retail building at 1305 Manheim Pike, Lan- caster City, Lancaster County. AUA Lancaster I, LLC pur- chased the property from Ker- ry Schanz and Eliese Schanz. Blake Gross of Bennett Wil- liams Commercial represented the seller in the transaction. 5.87 AC land Old Harrisburg Pike, Rapho Twp., Lancaster County, PA. Flyway Prop- erties, LLC purchased the property from PA-RAPHO- OLDHBGPIKE, LP. Jeffrey
story 11,459 s/f office building. “The property has a tremen- dous location and benefits from a large 2.28-acre parcel,” said Zang. The property is strategi- cally located on a cross street one-half mile from Interstate 83, the area’s north-south artery and York Rd., a robust retail corridor. This is the second shop- ping center transaction the Marcus & Millichap team has completed along the York Rd. corridor and the fifth in Mary- land year to date. “This is a low velocity market and when properties become available, there is a feeding frenzy,” said Burnham. “This asset had a lot of potential but many buyers pay for what is in place and do not want to pay “market value” for a property’s potential to- day. Our marketing process converted our perception of the property’s potential into top of the market pricing for our client,” concludes Burnham. Herr and Jeff Herr of Ben- nett Williams Commercial rep- resented both the buyer and the seller in the transaction. 1,491 s/f office space at 1600 Sixth Ave., Spring Garden Twp. Sudeep Pramanik MD, PC purchased the property from PDL Enterprises, LLC. Cami Miller of Bennett Wil- liams Commercial represented the seller in the transaction. 3,225 s/f retail building at 4395 W. Market St., West Manchester Twp. Parliament York, LLC purchased the property from David Zech and Patricia Zech . Behler and Denny Neiman of Ben- nett Williams Commercial represented the seller in the transaction. 3,784 s/f retail building at 705 Loucks Rd., York City, York County, PA. SILK Man- agement, LLP purchased the property from Frontier York, LP. Rohrbaugh, Stine, and Joe Spagnola of Bennett Wil- liams Commercial represented the buyer in the transaction.
15411 New Hampshire Avenue
Padonia Park
The subject property is situ- ated at the signalized, hard corner intersection of New Hampshire Avenue and Briggs Chaney Rd. This intersection sees more than 21,000 vehicles
per day and provides direct ac- cess to the Nation’s capital city. Safeway located at 15411 New Hampshire Avenue is part of a larger portfolio of Single- Tenant retailers that are being
40,000 s/f Rohrbaugh & Stine of Bennett Williams Commercial represent landlord in 40,000 s/f transaction in Hampden Twp., PA
Hampden Commons
the property from Debra Kay and Joseph Bennett. Adam Hagerman , Rohrbaugh, and Stine of Bennett Williams Commercial represented the tenant in the transaction. 2,436 s/f retail space at Rich- mond Square, 605 Richmond Dr., Manheim Twp. Rachel’s Café & Creperie, LLC leased the space from Wetherburn Town Center, LP. Abe Khan , Rohrbaugh, and Stine of Ben- nett Williams Commercial represented the landlord in
the transaction. 1,160 s/f retail building at 2990 W. Market St., West Manchester Twp. Lakala T. Green dba Affordable Whipz and Hoopties leased the space fromWalter A. Williams. Bob Behler of Bennett Williams Commercial represented the landlord in the transaction. 1,655 s/f retail space at Carlisle Commerce Park, 2159 White St., West Manchester Twp. James Q. Pham and Uyen Bao Tran leased the
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