Press Releases
Marcus & Millichap Arranges $10.1 Million Sale of Net-Leased Giant near State College Pennsylvania
June 05, 2024
BELLEFONTE, Penn., June 5, 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 a freestanding Giant grocery store property in Bellefonte, Pennsylvania. The property sold for $10,100,000.
Dean Zang, Brad Nathanson and David Crotts, investment specialists in Marcus & Millichap’s Washington D.C. and King of Prussia offices, had the exclusive listing to market the property on behalf of the seller, a Pennsylvania developer. The buyer was an affiliate of Exchange Right who was represented by JRW Realty.
Located at 2699 Benner Pike, the property sits on 5.69 acres and is part of the larger, newly developed Paradise Shopping Center. Built in 2022, Giant was the first building to be constructed at the project which will consist of various pad sites including McDonalds, a retail strip, and other national tenant pad sites. Several new retailers have opened or will open in immediate proximity to the project including Arby’s, Sheetz and Wawa.
Dean Zang, Brad Nathanson and David Crotts, investment specialists in Marcus & Millichap’s Washington D.C. and King of Prussia offices, had the exclusive listing to market the property on behalf of the seller, a Pennsylvania developer. The buyer was an affiliate of Exchange Right who was represented by JRW Realty.
Located at 2699 Benner Pike, the property sits on 5.69 acres and is part of the larger, newly developed Paradise Shopping Center. Built in 2022, Giant was the first building to be constructed at the project which will consist of various pad sites including McDonalds, a retail strip, and other national tenant pad sites. Several new retailers have opened or will open in immediate proximity to the project including Arby’s, Sheetz and Wawa.
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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.
