Mid Atlantic Real Estate Journal — Shopping Centers — October 26 - November 8, 2012 — 3B
www.marejournal.com
S HOPPING C ENTERS
ARRISBURG, PA — Marcus &Milli- chap Real Estate Shover & Gorman sell Sheetz NNN ground lease for $1.95m Marcus & Millichap complete $5.7m sale of CVS/Pharmacy H
• Project Management
• Development Due Diligence & Feasibility Studies
• Agency Permitting
• Land Development Design
Investment Services has brokered the sale of a newly developed CVS/Pharmacy in Harrisburg. The property sold for $5,700,000, which represents $431 psf. Alvin Mansour of The Mansour Group and Phil Sambazis , net-leased spe- cialists in the firm’s San Diego office represented the seller. Spencer Yablon of the firm’s Philadelphia office also provided representation in closing this transaction. HARRISBURG, PA — Marcus & Millichap Real Estate Investment Services has announced the sale of a Sheetz, a 4,997 s/f net leased convenience store and gas station located in Harris- burg, according to Spencer Yablon, vice president and re- gional manager of the firm’s Philadelphia office. The asset commanded a sale price of $1,950,000. Michael Shover and Mat- thew P. Gorman , invest- ment specialists in Marcus & Millichap’s Philadelphia office, had the listing to mar- ket the property on behalf of the seller, a local developer. The buyer, a private investor, was also secured by Shover and Gorman. The property is located at 6290 Allentown Boulevard.
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PHILADELPHIA METRO OFFICE: 8614 Montgomery Avenue Wyndmoor, PA 19038 215-836-2510 LANCASTER OFFICE: 1853 William Penn Way, P.O. Box 10368 Lancaster, PA 17605-0368 717-672-0614
PITTSBURGH OFFICE: 201 Penn Center Boulevard, Suite 400 Pittsburgh, PA 15235 412-253-6569
NEW JERSEY OFFICE: 100 Overlook Center, Suite 200 Princeton, NJ 08540 609-920-0268
Stock Photo
Sheetz was built in 2007 with a 15 Year ground lease to the tenant. At the time of sale, there were 10 years
remaining on the initial lease term. The property sold for $1,950,000 which was a 6.46% cap rate. ■
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