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Tuesday, May 22, 2012 Multi-Family
The first property is an 11,516 square foot mixed-use building in Philadelphia that is currently 100 percent leased by Payless ShoeSource. Payless occupies the basement and ground floor of the three-story building, which brought 98 percent of its listing price. Built in 1930, the property sold for $2.45 million. Marcus & Millichap's Dean Zang and Mark Taylor represented both the buyer, 1604 Chestnut Associates, and the seller, 1604 Chestnut Associates II. Zang and Taylor also represented both the buyer and seller in the sale of People's Station, a 10,546 square foot retail center in Newark, Del. Elmer D. Saienni, a local 1031 investor, purchased the building from Clay Motel, LLC for $4.1 million. People's Plaza is located at 2480 Pulaski Highway and was built in 2003 on 2.68 acres. It was purchased with a 6.52 capitalization rate and was 100 percent occupied at the time of sale. The retail property is anchored by Regal Cinemas, Home Depot, Safeway and a free-standing Applebee's, which operates on a long-term ground lease. The final retail property sold was 601 West Pike St. in Canonsburg, Pa., for $5.21 million. Taylor and Zang represented the buyer, Colony Park Company, and the seller, Alex-Carrick, LP. The 13,823 square foot retail property sold with a 7.35 capitalization rate and is anchored by Rite Aid, which holds a 20-year NNN lease. Address: 1604 Chestnut St., Philadelphia, Pa. - 2480 Pulaski Highway, Newark, Del. - 601 West Pike St., Canonsburg, Pa. Size: 35,890 square feet Filed Under: Multi-Family E-mail this article to a friend | Printer friendly format| DIGG this| Post to del.icio.us Comments on this article
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