MARCUS & MILLICHAP ARRANGES THE SALE OF A 15,340-SQUARE FOOT NET-LEASED PROPERTY

YORK, PA, – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales has announced the sale of La-Z-Boy, a 15,340-square foot net-leased property located in York, PA. According to Sean Beuche, regional manager of the firm’s Philadelphia office, the asset sold for $3,675,000.

Derrick Dougherty and Steve Garthwaite, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer, a limited liability company, was secured and represented by Derrick Dougherty and Steve Garthwaite, investment specialists in Marcus & Millichap’s Philadelphia office.

La-Z-Boy is located at 728 Loucks Rd in York, PA. Loucks Road serves as the primary retail thoroughfare in the immediate trade area averaging 61,938 vehicles passing daily. The asset is 1 mile from UPMC Memorial Hospital, one of the largest in York and is positioned less than half a mile to the NorthWest Plaza whose anchor tenants, Staples, ALDI, Dollar Tree, and Tractor Supply. This location has a long history being branded as a furniture retailer (prior to La-Z-Boy this location was occupied by Gish’s Furniture) and also presented the opportunity to capture additional Billboard rental income from new Lamar Companies.

About Marcus & Millichap (NYSE: MMI)

With over 2,000 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 9,726 transactions in 2019 with a value of approximately $50 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.