S HOPPING C ENTERS
Mid Atlantic Real Estate Journal — Shopping Centers — May 25 - June 7, 2012 — 7 A
www.marejournal.com
UTZTOWN, PA — Marcus & Millichap Real Estate Invest- Acquisition financing for the buyer arranged by Wood of M&M Nathanson of Marcus & Millichap reps the seller in $4.025 million sale of Village Square K
a New Jersey based shopping center operator. The buyer, a local Pennsylvania partnership, was secured and represented as well by Brad Nathanson. Village Square is located at 45 Constitution Boulevard, in close proximity to the prestigious campus of Kutztown University in Kutztown, Berks County. Nathanson said, “The prop- erty generated significant buyer interest due primarily to the property’s proximity to the college campus.” He added “There’s a limited supply of retail catering to the students as well as the local residents of Kutztown.” Acquisition financing for the buyer was arranged by Kris Wood of Marcus & Millichap Capital Corporation, also based in the firm’s Philadelphia office. At the time of sale, the property was 88% occupied. ■
ment Servic- es announced the sale of Vil- lage Square, a 39,612 s/f retail strip center located in Kutztown, a c c o r d i n g t o Spencer
Brad Nathanson
Yablon, regional manager of the firm’s Philadelphia office. The asset commanded a sale price of $4,025,000 or 98% of the asking price and was on the market for just 30 days before being sold to a private Pennsylvania limited partnership. Brad Nathanson, senior di- rector in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller,
Dougherty, Taylor & Zang secured the buyer Shover & Gorman of Marcus & Millichap complete $2.357m sale Village Square
Babaian of Marcus & Milichap’s NJ office closes $912,500 sale
REISTERSTOWN, MD, May 9, 2012 – Marcus & Millichap Real Estate Invest- ment Services announced the
sale of Sun- Trust Bank ( g r o u n d l e a s e ) , a 28 , 750 s / f net l eased property lo- cated in Re- isterstown, a c c o r d i ng to Spencer Yablon, re- gional man- ager of the firm’s Phila- delphia of- f i c e . T h e asset com- mand e d a sale price of $2,357,000.
Development site plans
Michael Shover
WOODBRIDGE, NJ — Marcus & Millichap Real Estate Investment Services
fice, had the exclusive listing to market the property on behalf of the seller, a private investor. He also secured and represented the buyer. This fully approved de- velopment site is located at 414 Rahway Avenue in Woodbridge, New Jersey. The approvals for this project con- sist of 12,528 s/f of retail. The site is delivered with a strong tenant, “The Learning Experi- ence” that will occupy the en- tire first floor of the building. This is a rare opportunity to acquire a fully approved development site in a great location that already has a lease on the retail space. ■
announc ed the sale of a 54,866 s/f parcel of land l o c a t e d i n Woodbridge, according to Mi chae l J . Fasano, vice pr es i dent /
Sun Trust Bank
with multiple offers above list price,” adds Shover. “The credit of the tenant along with the quality of the real estate is what drove the inter- est,” said Shover. The buyer, a private investor, was secured and represented by Der- rick Dougherty, Dean Zang, and Mark Taylor investment specialists in Marcus & Mil- lichap’s Philadelphia office. “The buyer was in a 1031 Exchange and specifically looking for this type of asset
to acquire,” adds Dougherty. David Feldman, Broker, as- sisted in closing this transac- tion. SunTrust Bank (ground lease) is located at 11704 Reis- terstown Road. The property had just over ten years re- maining on the lease with an- nual increases. It is a ground lease structurewhich required zero responsibilities from the landlord. The purchase price of $2,357,000 equates to a 6.15 capitalization rate. ■
Matthew Gorman
Michael Shover &Matthew Gorman, investment special- ists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a private investor. “The property generated a lot of interest from the market
Greg Babaian
regional manager of the firm’s New Jersey office. The asset commanded a sale price of $912,500. Greg Babaian, vice presi- dent investments in Marcus & Millichap’s New Jersey of-
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