$9.25M NORTH PHILLY RETAIL ASSET SOLD BY MARCUS & MILLICHAP

PHILADELPHIA, PA: December 26, 2018 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Victory Square, a 38,234-square-foot grocery-anchored retail center located in Philadelphia. The asset sold for $9,250,000.

Derrick Dougherty, Scott Woodard and Mark Taylor, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a Philadelphia developer. Dougherty, Woodard and Taylor also represented the out-of-market buyer. The buyer acquired the property with assumable debt in place.

“Deals with attractive assumable debt in place are more attractive in a rising interest rate environment,” said Dougherty.

Victory Square is located at 4424 N Broad St in North Philadelphia. The fully-occupied center is anchored by a 18,500-square-foot Save-A-Lot and includes Dollar Tree, Taco Bell and a laundromat. Originally built in 1980, the property was recently renovated in 2016. The retail center is situated on 2.04 acres with 94 parking spaces along North Broad Street, not far from Temple University.

“Based on the interest generated in the marketing process, there is no question there is high demand for urban retail from local and out-of-state buyers,” said Woodard. “This asset was well positioned within the submarket and the sellers did a great job securing necessity-based retailers that cater to and serve the local community.”

About Marcus & Millichap (NYSE: MMI)

With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit:www.MarcusMillichap.com