Press Releases
Marcus & Millichap Brokers $7 Million Sale of Shopping Center in Pennsylvania
March 07, 2024
PARKESBURG, Pa. Mar. 6, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 53,319-square-foot shopping center in Parkesburg, Pennsylvania for $7,050,000.
"As the exclusive brokers, we worked to find the best possible buyer for this property. After a lengthy process, we were able to secure a private investor who agreed to pay a 7.50% cap rate for this newly leased shopping center, anchored by Grocery Outlet,” said Joseph C. French Jr.
French Jr. and Kodi Traver, investment specialists in Marcus & Millichap’s Westchester office had the exclusive listing to market the property on behalf of the seller, a private investor out of Fort Lauderdale, Florida, and procured the buyer, a private investor out of Exton.
Parkesburg Shopping Center is located at 108 W 1st Ave. on a 7.70-acre site. The property consists of seven tenants and is currently anchored by Planet Fitness and the soon to be open Grocery Outlet, with other tenants including the U.S. Postal Service, and Dollar General. The center is within walking distance of the Amtrak Train Station and recently underwent capital improvements, including a new roof, a new parking lot, and a new façade.
"As the exclusive brokers, we worked to find the best possible buyer for this property. After a lengthy process, we were able to secure a private investor who agreed to pay a 7.50% cap rate for this newly leased shopping center, anchored by Grocery Outlet,” said Joseph C. French Jr.
French Jr. and Kodi Traver, investment specialists in Marcus & Millichap’s Westchester office had the exclusive listing to market the property on behalf of the seller, a private investor out of Fort Lauderdale, Florida, and procured the buyer, a private investor out of Exton.
Parkesburg Shopping Center is located at 108 W 1st Ave. on a 7.70-acre site. The property consists of seven tenants and is currently anchored by Planet Fitness and the soon to be open Grocery Outlet, with other tenants including the U.S. Postal Service, and Dollar General. The center is within walking distance of the Amtrak Train Station and recently underwent capital improvements, including a new roof, a new parking lot, and a new façade.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
