MARCUS & MILLICHAP ARRANGES THE SALE OF A 4,147 SF NET-LEASED PROPERTY

HEREFORD, PA, June 5, 2020 – 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 Turkey Hill, a 4,147 SF net-leased property located in Hereford, PA, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for $1,900,000.

Derrick Dougherty and Steven 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, also a limited liability company, was secured and represented by Derrick Dougherty and Steve Garthwaite. “The Seller was motivated to sell the property to move his equity closer to home. The Buyer was an apartment investor looking to enter the net lease market due to the predictability and stability of a long term income stream. Both buyer and seller worked together through the COVID - 19 Pandemic to successfully bring this deal to close” says Garthwaite.

Turkey Hill, located at 3664 Seisholtzville Road in Hereford, PA, sits strategically at the signalized, hard corner intersection of Route 100 and Seisholtzville Road. “While not a traditional retail corridor, this Turkey Hill services the commuter corridor of PA Route 100 and the neighborhood residents. It has continued to perform well since it was built in 1991 and throughout the mandatory quarantine” says Garthwaite. The property benefits from a combined 16,000 vehicles passing by daily. The lease features a 8% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The ground lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity.

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.