Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Peckville Shopping Center, a 62,506-square foot retail property located in Peckville, PA, according to Matthew Drane, regional manager of the firm’s Washington, D.C. office. The Property sold for $5,100,000.
Peckville Shopping Center, constructed in 1953 and renovated in 2004, consists of a 62,506-square foot shopping center anchored by a high-performing 20,045-square foot Planet Fitness supported by credit and regional chain retailers, notably Dollar General and one of the highest volume Wine & Spirits locations in the Dickson City MSA. The center was 76 percent occupied at the time of sale which presented the buyer a significant opportunity to increase occupancy and add value.
Christopher Burnham, vice president, in Marcus & Millichap’s Baltimore office, Dean Zang, senior managing director investments, in Marcus & Millichap’s Washington, D.C. office, David Crotts, senior associate in Marcus & Millichap’s Washington, D.C. office, and Steven Siegel, senior managing director investments, in Marcus & Millichap’s Manhattan office had the exclusive listing to market the property on behalf of the seller, an investment bank out of New York City. The group also secured the buyer, an out-of-market syndicator that has been active in acquiring centers in the Mid-Atlantic. Sean Beuche, broker or record assisted in closing this transaction.
“We are thrilled with the end result of this transaction. The collaboration between the Washington, DC area and New York City offices provided a thorough and geographically broad marketing effort to secure the ultimate buyer.” Zang explained. Peckville Shopping Center was the fourth shopping center that the Mid-Atlantic Investment Sales Team of Marcus & Millichap has completed this year with six more in the pipeline slated to close in the next few months. Burnham, Crotts and Zang and their seven-person team attribute their success to running a comprehensive and robust marketing campaign which generated six offers and closing with the buyer that was first selected after the offering process.
About Marcus & Millichap (NYSE: MMI)
With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
