MARCUS & MILLICHAP ARRANGES THE SALE OF A 78,194-SQUARE FOOT RETAIL AND OFFICE PORTFOLIO

PHILADELPHIA, PA, June 22, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm, has announced the sale of The Parkside Portfolio, a 78,194-square foot retail and office portfolio located in Philadelphia, PA, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The assets sold for $15,375,000.

Derrick Dougherty and Scott Woodard, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller. “The original developer, Rockland Capital, did an amazing job building this portfolio to service the local community in the Parkside section of Philadelphia. From a retail and office perspective, the asset’s tenant mix proved to be both essential and service oriented with the majority staying open and paying rent through some challenging times” says Dougherty. The buyer, The Leser Group, was secured and represented by Derrick Dougherty and Scott Woodard, “The buyers were based in Brooklyn, NY – from the moment they toured the property, they were extremely bullish on the mix of tenants, predictable income stream, and local submarket. The blend of cap rates between the retail and office components resulted in an extremely attractive hybrid return for the new ownership group” says Woodard.

“The Parkside Portfolio was a monumental deal for not only our team but for the Philadelphia area – we’ve closed a handful of deals during the pandemic, but all of those deals were “All Cash” transactions. This is the first deal we have closed in the last 3 months where there was a lender involved. Both the sellers and buyers should be commended and acknowledged for partnering up, being professional and persistent to transact in a moment of time we will all remember.” Says Dougherty.

The Parkside Portfolio, located at 5050, 4946, 4952-64 Parkside Ave, is highlighted by national anchor tenants such as Davita, Santander Bank, & Goodwill. The office portion of this portfolio was fully leased to homecare, government, and local professional tenants. Situated in the West Parkside section of Philadelphia, this portfolio is highly visible along Parkside Avenue which see’s over 14,433 vehicles per day. The portfolio also benefits from exceptional demographics in the sub-market with the one and three-mile populations being 32,457 and 395,016, respectively. Geographically, Center City Philadelphia is located only 5 miles away.

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.