MARCUS & MILLICHAP ARRANGES THE SALE OF A 2,909-SQUARE FOOT RETAIL PROPERTY

YORK, PA, June 30, 2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales has announced the sale of Papa Johns and Ritas Center, a 2,909-square foot retail property located in York, PA. According to Sean Beuche, regional manager of the firm’s Philadelphia office, the asset sold for $891,500.

The buyer, a limited liability company, was secured and represented by Colin Reder, Derrick Dougherty, and Scott Woodard, investment specialists in Marcus & Millichap’s Philadelphia office.

“This was a collective effort by all parties involved to close on a multi-tenant asset coming out of a pandemic. The buyer, based in Pennsylvania, was already familiar with the submarket and tenant mix because of his current real estate holdings. This was a perfect deal story of a client evaluating his portfolio based on what tenants leveraged the last 12 months during the pandemic to create opportunity in terms of profitability, growth, technology, and overall customer experience. He decided to double down on Papa John’s & Rita’s, and he should be commended and acknowledged for his professionalism and trust in our team to deliver in these ultra-competitive times.” said Reder.

Papa Johns and Ritas Center is located at 901-913 S Queen St in York, PA. The site benefits from a signalized, hard corner intersection in downtown York which is less than one mile from York Hospital (600+ beds) as well as York College of Pennsylvania (5,500+ students). This location features a strong demographic base in the 5-mile trade area with more than 150,000 residents, 97,000 employees, and an average income of $75,304. This location is Co-Anchored by Rita’s Italian Ice and Papa John’s.

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.