MARCUS & MILLICHAP ARRANGES THE SALE OF A 15,644-SQUARE FOOT NET-LEASED PROPERTY

WILKES-BARRE, 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 15,644-square foot net-leased property located in Wilkes-Barre, PA. According to Sean Beuche, regional manager of the firm’s Philadelphia office, the asset sold for $2,882,570.

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 limited liability company. The buyer, a limited liability company, was secured and represented by Mark Krantz, an investment specialist in Marcus & Millichap’s Philadelphia office

La-Z-Boy is located at 385 Wyoming Valley Mall in Wilkes-Barre, PA. Mundy Street serves as one of the primary retail thoroughfare in the immediate trade area with nearby national/credit tenants including Lowe’s, CVS, Walmart, Starbucks, Target, LongHorn Steakhouse, and Wendy’s. La-Z-Boy is located less than 2-miles from downtown Wilkes-Barre, a highly coveted submarket in the path of growth. The site sits across from The Mohegan Sun Arena, (8,050 Seats) a popular multi-purpose arena home to The Wilkes-Barre Penguins, further increasing consumer draw to the trade area.

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.