12/10/2007

M&M finalizes $17.99M sale of three Northeastern retail properties

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88-98 Dolson Ave.

1140 N. Main St.

Marcus & Millichap's Philadelphia office has completed the sale of three retail buildings in New York, Rhode Island and Pennsylvania for a combined price of $17.99 million.

Dean Zang and Mark Taylor represented Dolson Associates Management in the $7.87 million sale of a Rite Aid in Middletown, N.Y. The buyer, 293 Tenth Avenue Corp., was procured by Shlomo Manne, also of M&M.

The 14,564 square foot property was sold with a 7.25 percent capitalization rate. It is located at 88-98 Dolson Ave. and came with a 20-year double net lease.

Zang and Taylor also represented the buyer, FQ Providence, LLC, and the seller, Fairview Incorporated, in the sale of a Providence, R.I., Walgreens for $3.5 million.

Located at 1140 N. Main St., the property was sold with a 6.25 capitalization rate and a 25-year triple net Walgreens ground lease.

The final transaction was the $6.62 million acquisition of a Walgreens in the Pittsburgh suburb of McCandless, Pa., by Colony Park Company. The company purchased the property from Win-McCandless, LTD.

M&M's Steve Seigel and Joe Averbrook represented the seller while Colony Park was represented by Zang and Taylor. The building, located at 30 Pine Creek Rd., contains 14,800 square feet and was sold with a 6.27 percent capitalization rate.

McCandless is located approximately 14 miles north of Pittsburgh.

Address: 88-98 Dolson Ave., Middletown, N.Y.
- 1140 N. Main St., Providence, R.I.
- 30 Pine Creek Rd., McCandless, Pa.

Size: 29,364 square feet

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Filed Under: Retail

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