M id A tlantic Real Estate Journal — Pennsylvania — January 22 - February 18, 2021 — 15B P ennsylvania
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RODHEADSVILLE, PA — Marcus & Mil- lichap announced the Agora Commercial Realty purchases 81,516 s/f retail property for $5.966 million Dougherty, Krantz and Woodard of Marcus & Millichap arranges the sale of West End Plaza B
investors faced transacting in the 2020 COVID-19 era. The biggest hurdle both parties had to overcome was the Peebles and Gordmans chapter 11 bankruptcy in May 2020.” said Dougherty. West End Plaza is located at 1421 US 209 in Brodheads- ville, and benefits from its well-established location in the submarket, 20 miles southwest of Mount Pocono, PA. The prop- erty is strategically located at a signalized intersection on Rte. 209 with traffic counts exceed- ing 19,000 vehicles per day. It is nearby to local retailers such
as ShopRite, Weis Markets, Dunkin Donuts, AutoZone, Tractor Supply, amongst oth- ers. The asset is located near Interstate 476 (Northeast Ex- tension) and I-80. Nick Skeparnias , a princi- pal of Agora Commercial Realty Advisors out of Jenkintown praised all parties involved stating “All involved parties acted professionally and in full collaboration to ensure this transaction made it to closing and we (Agora Commercial) look forward to participating with both parties on future op- portunities.” MAREJ
sale of West End Pl aza , a 81,516 s/f retai l prop- erty located in Brodheads- ville. Accord- ing to Sean Beuche , re- gional man- ager of the firm’s Phila- delphia office, the asset sold f o r $ 5 . 9 6 6 million. D e r r i c k Dougherty a n d Ma r k Krantz , in- v e s t m e n t s p e c i a l i s t s in Marcus & Mi l l i chap ’ s Philadelphia office, had the listing to mar- ket the prop- erty on behalf of the seller,
Derrick Dougherty
West End Plaza
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Mark Krantz
Scott Woodard
Amato Properties . “Both seller and buyer were repeat clients of the firm and should be commended for the way they handled some of the uncontrol- lable obstacles throughout the due diligence period.” said Krantz. The buyer, Agora Commercial Realty , secured and represented by Derrick Dougherty, Mark Krantz and Scott Woodard , investment specialists in Marcus & Milli- chap’s Philadelphia office. “We attribute the successful closing to the hands on approach by all parties involved, the communi- cation and proactive approach by both the seller and the buyer during the last six months was the playbook on how the rela- tionship with your tenants and lender should be handled at all times. Our team was proud to be a part of the process.” said Dougherty. West End Plaza is situated on a large 13.4-acre parcel with 360 parking spaces. The prop- erty is currently 84% occupied where most of the tenant roster reimburses for their natural pro-rata share of expenses. The center features a mix of national, regional, and local tenants such as Dollar Tree, Family Dollar, and Anytime Fitness. “The West End Plaza closing was a microcosm of the challenges and tribulations
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