MARCUS & MILLICHAP ARRANGES THE SALE OF A 24,688 SF SHOPPING CENTER - SHOPS AT RED LION

PHILADELPHIA, PA, March 25, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm, has announced the sale of Shops at Red Lion, a 24,688-square foot retail property located in Philadelphia, PA, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for $11,975,000.

Derrick Dougherty, Mark Krantz, and Scott Woodard, 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 controlled by David Waldman of David Adam Realty, was secured by Dougherty, Krantz, and Woodard. “Shops at Red Lion is a prime example of a buyer and seller partnering up and having an open line of communication to get the deal to closing. It’s a valuable lesson to the investment community, sometimes who you are buying from is just as important as what you are buying” says Dougherty. “We were dealing with seasoned professionals on both sides of the transaction, which made it a very enjoyable process”

The Shops at Red Lion, located at 10000-90 Roosevelt Blvd, is highlighted by national anchor tenants such as Starbucks, Urgent Care, Verizon, and Dunkin’. The property is 100% occupied, with 85% of tenants signed to NNN leases with lease renewal options. The property is ideally positioned along the Roosevelt Boulevard, the dominant east/west corridor through North Philadelphia, offering the property exceptional visibility with traffic counts upwards of 63,000 vehicles per day. “The Shops at Red Lion is a generational asset in a consistent, stable Northeast Philadelphia submarket” says Krantz. “The center fits perfectly with the purchaser’s investment strategy of owning a high-quality neighborhood center with internet-proof tenancy in a dense trade area.”

About Marcus & Millichap (NYSE: MMI)

With nearly 2000 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 9,472 transactions in 2018 with a value of approximately $46.4 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.