Marcus & Millichap Arranges the Sale of a 184,082-Square-Foot Retail Property in Rochester, Pennsylvania
John P. Reehil, an investment specialist in Marcus & Millichap’s Columbus office, had the exclusive listing to market the property on behalf of the seller, a partnership. Sean Beuche, Pennsylvania Broker of Record, Broker, assisted in closing this transaction.
John Reehil had the following to say regarding the transaction, “The new $10 Billion Shell cracker plant, less than five minutes from this center, brought a new and dynamic group of buyers to this already strong performing center anchored by Giant Eagle, Pittsburgh’s #1 grocer. The other tenants in the center, North Way Christian Church, Valor Healthcare, Dollar General, Keystone Physical Rehab, and UPMC serve many needs of the immediate and surrounding communities. Shell’s commitment to the area bodes well for the future of the center.”
Originally built as a Kaufmann’s Department Store in 1967, Madison Square was converted into a Giant Eagle and Kmart in 1980. Giant Eagle continues to thrive with more than $42 million in sales in 2021 while the Kmart has been mostly re-tenanted with a variety of retail and service uses.
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About Marcus & Millichap (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, 2021, the company had 1,994 investment sales and financing professionals in 82 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 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.