Marcus & Millichap Completes the Sale of Wawa-Anchored Shopping Center
Parke West Plaza is a 20,876-square-foot shopping center featuring Wawa and an established lineup of internet-resistant, service and food-oriented users. Wawa anchors the fully occupied strip center and represents 24 percent of the property’s overall revenue. Parke West Plaza is a limited management asset in a high-quality location with long-term tenant occupancy and a healthy weighted average lease term of over seven years.
Josh Ein, first vice president investments, Dean Zang, executive managing director, and David Crotts, director, in Marcus & Millichap’s Washington, D.C. office, executed the transaction on behalf of a local seller and secured a repeat private Maryland-based buyer. Additionally, Jared Cassidy of Marcus & Millichap Capital Corporation arranged the acquisition financing for the buyer.
“Even in these difficult times for many retailers, it came as no surprise that this asset traded at full price. Suburban neighborhood shopping centers continue to drive strong traffic among customers and tremendous interest from investors looking for seasoned, cash-flowing assets,” noted Ein.
According to Zang, local private equity investors are very active right now. “We have never seen this much liquidity for retail. We are optimistic the market will continue to strengthen well into 2022,” he said.
This transaction represents the team’s 14th shopping center transaction of 2021, after completing 10 such transactions last year. Ein, Zang and Crotts attribute their success to running a comprehensive and robust marketing campaign that generated 13 offers and achieved the asset’s full asking price.
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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 8,954 transactions in 2020 with a value of approximately $43 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.