MARCUS & MILLICHAP ARRANGES THE SALE OF A 3,483-SQUARE FOOT NET-LEASED PROPERTY

LANCASTER, PA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales has announced the sale of Turkey Hill, a 3,483-square foot net-leased property located in Lancaster, PA. According to Sean Beuche, regional manager and broker of record of the firm’s Philadelphia office, the asset sold for $1,350,000.

Derrick Dougherty, Steve Garthwaite, and Nick Geaneotes, 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 seller had originally developed this asset from raw land in the late 90s and felt it was time to move the capital elsewhere to new projects.” said Garthwaite. The buyer, a partnership, was secured and represented by Derrick Dougherty, Nick Geaneotes and Steve Garthwaite. The purchaser was a repeat client and attracted to the property due to the cheap rent and large site in a growing market.” said Dougherty.

The property is located at 806 New Holland Ave in Lancaster, PA. Turkey Hill sits on New Holland Avenue & Ross Street with Average Traffic Counts exceeding 15,000 Vehicles Per Day. This location benefits from its centralized location being just over a mile away from Downtown Lancaster, PA. This Turkey Hill location further benefits from dense and stable middle-class Demographics where the average household income is $71.5K in a 3 mile radius & 179K Residents within a 5 mile radius. “Convenience stores have been a niche of our team since its inception and we continue to have success in transacting in this asset class. The pandemic has only solidified them more so in the eyes of the investment community.” said Garthwaite.

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.