4A — August 28 - September 10, 2020 — M id A tlantic Real Estate Journal
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M id A tlantic R eal E state J ournal
EMPLE, PA — Mar- cus & Millichap an- nounced the sale of Three freestanding buildings totaling 21,850 s/f sells for $11.585 million in Temple, PA Marcus & Millichap’s Dougherty & Krantz secure buyer for a new construction retail center T Philadelphia office. “The buy - er was a repeat client of the firm who entered into a 1031
to work with well-respected professionals on this transac- tion. Managing expectations on timelines was a key com- ponent to getting this deal successfully closed during a challenging time,” added Krantz. The property is located at 4229 N 5th St. Hwy. in Temple. The asset boasts a top of class, internet-resistant tenant mix featuring Chick- Fil-A, Panera Bread, Mod Pizza, and Visions Credit Union. “This asset is com - prised of some of the most well-respected retail tenants in the industry. Our team is very thankful for the opportu- nity to work with this client over the course of the last year, helping them build a portfolio they can be proud of and that will stand tall even if more challenging times still lie ahead,” said Dougherty. Located directly adjacent to 5th St. Highway (17,876 VPD) in the Reading MSA in Berks County, the property consists of three freestand- ing buildings with a total of 21,850 s/f situated on 3.19 acres. The original construc- tion of each building occurred in 2019 - 2020, while the primary lease terms vary between 10 - 20 years. MAREJ for $1.2 million in Hunterdon Cty., NJ READINGTON, NJ — Peter Gallicchio president of Somerset, NJ based Rem- REMCO sells Quick Chek site c o R e a l t y Group has announced that the firm recently sold a s i x ac re site located at the sig- nal ized in- tersection of Rte. 22 East and County Line Rd. in Read- ington. The site received approvals to build a 5,500 s/f conve - nience store with 58 car park- ing, along with a full canopy over five fuel dispensers. Remco was also responsible for the sale of the Quick Chek development site located at Rote. 1 South and Livingston Ave. in North Brunswick. Remco had the listing on the site, and secured the buyer as well. MAREJ Peter Gallicchio
exchange in the ini t i a l stages of the COV I D - 1 9 era. There w a s c e r - tainly a back t o b a s i c s a p p r o a c h with this ex- change focus-
a m u l t i - tenant re- tail center, l ocated in Temple, PA. T h e a s - set sold for $11.585 mil- lion. The buyer, a limited li-
Derrick Dougherty
Mark Krantz
ing on the core real estate fundamentals, essential re- tailers, and predictable cash flows,” said Dougherty. “We were extremely fortunate
ability company, was secured and represented by Der- rick Dougherty and Mark Krantz , investment special- ists in Marcus & Millichap’s
4229 N 5th St. Hwy.
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