Marcus & Millichap (NYSE: MMI), announced today the sale of Miner's Plaza, a 34,905-square foot mixed-use property located in Pottsville, PA, according to Sean Beuche, Regional Manager and Broker of Record of the firm’s Philadelphia office. The asset sold for $2,381,150.
Andrew Mallee, Craig Dunkle and Mher Vartanian, investment specialists of the Dunkle Group of Marcus & Millichap, secured and represented both the buyer and seller of this transaction. “We were able to create a competitive bidding environment for our client in their sale of this value-add asset, despite the tertiary market.” says Mher Vartanian. “The global pandemic created some flux in occupancy throughout the marketing process, but ultimately our client was happy to have been able to transact at a pricing record in the sub-market, and the buyer we sourced from out of the area is already fast at work taking advantage of the upside this asset offers.”
Miner's Plaza is located at 2880 Pottsville Minersville Hwy in Pottsville, PA, and well situated seeing over 12,000 VPD. The property is also ideally located in Pottsville’s retail cluster including major retail such as Rite Aid, Subway, Family Dollar, etc. The asset is made up of 12 tenants both local and national, along with 4 billboards that will provide the buyer additional income for years to come.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 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 9,726 transactions in 2019 with a value of approximately $50 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.
