Press Releases
Marcus & Millichap Announces $12.5 Million Sale of Parkway Shopping Center in Pennsylvania
February 28, 2024
ALLENTOWN, Penn., Feb. 28, 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 Parkway Shopping Center, a 133,314-square-foot property located in Allentown, Penn. The property sold for $12,500,000, or $93.76 per square-foot.
“Thanks to previous ownership, an admirable repositioning of the asset was achieved over the course of the last five years,” says Colin Reder, associate. “Tenants were consolidated to only those that added value, more than $2 million was invested in capital improvements and a medical component was added to compliment the current retail tenancy.”
Reder, Derrick Dougherty and Scott Woodard, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller and procured the buyer. Neil Campbell and Ian Nordfors of IPA Capital Markets handled the debt financing on behalf of the buyer.
“Our team was privileged to have partnered with dedicated buyers, sellers, attorneys, lenders and brokers in navigating the shifting market,” says Dougherty, senior vice president investments. “With our dynamic database and marketing systems, we thrive in such conditions.”
Parkway Center, located at 1471 Lehigh Street, is a dynamic neighborhood center in one of the fastest-growing submarkets in Pennsylvania. 40 percent of the current tenants are credit tenants, and eight have been in the center for over 10 years. Metro Commercial and KW Commercial will continue to manage and lease the center for new ownership.
“Thanks to previous ownership, an admirable repositioning of the asset was achieved over the course of the last five years,” says Colin Reder, associate. “Tenants were consolidated to only those that added value, more than $2 million was invested in capital improvements and a medical component was added to compliment the current retail tenancy.”
Reder, Derrick Dougherty and Scott Woodard, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller and procured the buyer. Neil Campbell and Ian Nordfors of IPA Capital Markets handled the debt financing on behalf of the buyer.
“Our team was privileged to have partnered with dedicated buyers, sellers, attorneys, lenders and brokers in navigating the shifting market,” says Dougherty, senior vice president investments. “With our dynamic database and marketing systems, we thrive in such conditions.”
Parkway Center, located at 1471 Lehigh Street, is a dynamic neighborhood center in one of the fastest-growing submarkets in Pennsylvania. 40 percent of the current tenants are credit tenants, and eight have been in the center for over 10 years. Metro Commercial and KW Commercial will continue to manage and lease the center for new ownership.
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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.
