MARCUS & MILLICHAP ARRANGES THE SALE OF A 35,360-SQUARE FOOT RETAIL PROPERTY

MANHEIM, PA, December 8, 2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Penn Towne Center, a 35,360-square foot retail property located in Manheim, PA, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for $4,000,000.

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 limited liability company.

Penn Towne Center is located at 1211 Lancaster Rd in Manheim, PA. The subject property is a 35,360 square foot neighborhood center with significant value add opportunity. 56% occupied retail center featuring nine available spaces (15,635 square feet) for Lease-Up Additional (0.12) acre Pad Site to develop a Freestanding Building upon Large Parcel. The site sits on (6) +/- Acres in Manheim, PA within Lancaster County, the submarket of which has seen explosive growth over (13%) since 2000. The subject property is strategically located on Lancaster Road; a strong retail corridor with traffic counts exceeding 15,021 vehicles per day

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.