MARCUS & MILLICHAP ARRANGES THE SALE OF A 9,306-SF STRIP CENTER

WILKES BARRE TOWNSHIP, PA, March 24, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm, has announced the sale of Verizon & FedEx Strip Centers, a 9,306-square foot retail property located in Wilkes Barre Township, PA, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for $2,600,000. Derrick Dougherty and Mark Krantz, 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 duo also secured the buyer, another limited liability company.

Verizon & FedEx Strip Center is located at 940-46 Schechter Drive in Wilkes Barre Township, PA. The four-tenant strip center offers an ideal location near Interstate 81 and Kings college. “We have had tremendous success with stable, high performing neighborhood centers like this within the Wilkes Barre submarket,” said Mark Krantz, a senior associate with Marcus and Millichap. “The center sits at signalized intersection on a dense retail corridor right across the street from Walmart and adjacent to a bevy of retailers such as PNC Bank, Wendy’s, and Chick -Fila.” says Krantz.

The shopping strip was sold 100% occupied with Verizon Wireless and Fedex anchoring the center. The impressive tenant list also includes Manpower, the third largest staffing firm on a global scale, and Raymond James, an investment banking company. “This is a generational asset for the purchaser in a submarket where the arrow is only pointing up” says Krantz. This solid tenant portfolio will provide the buyers with a stable cash flow for years to come

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.