Press Releases
Marcus & Millichap Announces $5.8 Million Sale of Ridge Plaza Shopping Center in Pennsylvania
February 06, 2024
PHILADELPHIA, Feb. 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 Ridge Plaza, a 25,985-square-foot shopping center located in Royersford, Pennsylvania. The property sold for $5.8 million, or $223.21 per square foot.
“This transaction had multiple layers of complexities, but everyone involved partnered up to ensure we made all our timing deadlines," said Derrick Dougherty, senior vice president investments. “The year of 2023 presented many challenges in the commercial real estate world, but I’m proud of the way our team improved on the efficiencies of our marketing process for our clients, the proof is in the results.”
Dougherty, in addition to Scott Woodard and Colin Reder, had the exclusive listing to market the property on behalf of the seller.
“The seller did an amazing job of re-positioning this asset to backfill 8,699 square feet (33.50% of GLA) with Trulieve and Healing Energies on new 10-year leases with annual rent increases," said Woodard.
“Our marketing process resulted in a total of 17 letters of intent,” added Reder. “Ultimately, we recommended the seller go with a slightly lower price because of the probability of the terms and it being a legitimate all-cash offer. The buyer was represented by Linda Cheng from Premium Realty Group, and she added a ton of value throughout the process.”
Ridge Plaza Shopping Center was built in 2008 and is located at 451 W Ridge Pike, at the intersection of W Ridge Pike (14,343 VPD) and North Lewis Road (10,190 VPD). It features five points of ingress and egress and is directly across the street from New Arcadia Retirement Home, where 150-plus units are being developed.
“This transaction had multiple layers of complexities, but everyone involved partnered up to ensure we made all our timing deadlines," said Derrick Dougherty, senior vice president investments. “The year of 2023 presented many challenges in the commercial real estate world, but I’m proud of the way our team improved on the efficiencies of our marketing process for our clients, the proof is in the results.”
Dougherty, in addition to Scott Woodard and Colin Reder, had the exclusive listing to market the property on behalf of the seller.
“The seller did an amazing job of re-positioning this asset to backfill 8,699 square feet (33.50% of GLA) with Trulieve and Healing Energies on new 10-year leases with annual rent increases," said Woodard.
“Our marketing process resulted in a total of 17 letters of intent,” added Reder. “Ultimately, we recommended the seller go with a slightly lower price because of the probability of the terms and it being a legitimate all-cash offer. The buyer was represented by Linda Cheng from Premium Realty Group, and she added a ton of value throughout the process.”
Ridge Plaza Shopping Center was built in 2008 and is located at 451 W Ridge Pike, at the intersection of W Ridge Pike (14,343 VPD) and North Lewis Road (10,190 VPD). It features five points of ingress and egress and is directly across the street from New Arcadia Retirement Home, where 150-plus units are being developed.
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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.
