Marcus & Millichap Leverages Sale of Philadelphia Shopping Center in Coveted Location for Over $9.5 Million
“Edison Square presented investors with an incredible opportunity to acquire a grocery- anchored asset in a diverse market, saturated with inner-city workers, students, and families,” says Scott Woodard, first vice president investments.
Woodard, Derrick Dougherty, Ridge MacLaren, Clarke Talone, Andrew Townsend and Colin Reder, in the Marcus & Millichap Philadelphia office, had the exclusive listing to market the property. Colin Reder, Steve Garthwaite and Mark Krantz, along with the team, assisted in securing the buyer.
In terms of demographics, within a 5-mile trade radius, the average annual household income is $72,025 with an expanding population of 462,000 residents. Additionally, Edison Square is within walking distance of Temple University which houses just under 40,000 students, as well as City Hall, the Franklin Institute, and the Museum of Art which altogether brings in approximately $7.64 billion annually. Edison Square is not only an accessible, affordable shopping space for nearby families, undergraduates, and employees, it is also an exceptionally high-performing retail hub, producing $632,719 in net-operating income.
"The sellers were all based in Philadelphia and were the original developers. They did an amazing job securing a tenant mix to cater to the local submarket’s needs,” said Derrick Dougherty, senior vice president investments.“Save-A-Lot, Family Dollar, and Snipes are the top performing locations in the state of Pennsylvania and in the top 10% of performing locations in the country,” Dougherty added.
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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.