MARCUS & MILLICHAP ARRANGES THE SALE OF A 7-ELEVEN ANCHORED RETAIL PROPERTY

PHILADELPHIA, June 24, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Philadelphia Neighborhood Center, a 9,405-square-foot retail property located in Philadelphia, Pa. The asset sold for $1,800,000.

Derrick Dougherty, first vice president investments, and Scott Woodard, senior associate in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller. The buyer, a limited liability company, was secured and represented by the team as well.

“The demand for urban retail shopping centers with internet resistant tenant rosters continues to increase year over year,” said Woodard. “We generated over 10 offers from qualified buyers on a regional, national, and global level.”

The asset located at 5800 Rising Sun Avenue in Philadelphia, Pa, sits at a signalized intersection of Rising Sun Avenue and Cheltenham Avenue. This corner sees over 20,000 vehicles per day and serves as an urban infill location with a high barrier to entry in the Northeast section of Philadelphia.

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.