MARCUS & MILLICHAP ARRANGES THE SALE OF WEST END PLAZA, A 81,516-SF RETAIL PROPERTY

BRODHEADSVILLE, PA, – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, has announced the sale of West End Plaza, a 81,516-square foot retail property located in Brodheadsville, PA. According to Sean Beuche, regional manager of the firm’s Philadelphia office, the asset sold for $5,966,000.

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, Amato Properties. “Both seller and buyer were repeat clients of the firm and should be commended for the way they handled some of the uncontrollable obstacles throughout the due diligence period.” said Krantz. The Buyer, Agora Commercial Realty, secured and represented by Derrick Dougherty, Mark Krantz and Scott Woodard, investment specialists in Marcus & Millichap’s Philadelphia office. “We attribute the successful closing to the hands on approach by all parties involved, the communication and proactive approach by both the seller and the buyer during the last 6 months was the playbook on how the relationship with your tenants and lender should be handled at all times. Our team was proud to be a part of the process.” said Dougherty.

West End Plaza is situated on a large 13.4-acre parcel with 360 parking spaces. The property is currently 84 percent occupied where most of the tenant roster reimburses for their natural pro-rata share of expenses. The center features a mix of national, regional, and local tenants such as Dollar Tree, Family Dollar, and Anytime Fitness. “The West End Plaza closing was a microcosm of the challenges and tribulations investors faced transacting in the 2020 COVID-19 era. The biggest hurdle both parties had to overcome was the Peebles and Gordmans chapter 11 bankruptcy in May 2020.” said Dougherty.

West End Plaza is located at 1421 US 209 in Brodheadsville, PA, and benefits from its well-established location in the submarket, 20 miles southwest of Mount Pocono, PA. The property is strategically located at a signalized intersection on Route 209 with traffic counts exceeding 19,000 vehicles per day. It is nearby to local retailers such as ShopRite, Weis Markets, Dunkin Donuts, AutoZone, Tractor Supply, amongst others. The asset is located near Interstate 476 (Northeast Extension) and Interstate 80.

Nick Skeparnias, a principal of Agora Commercial Realty Advisors out of Jenkintown, Pennsylvania praised all parties involved stating “All involved parties acted professionally and in full collaboration to ensure this transaction made it to closing and we (Agora Commercial) look forward to participating with both parties on future opportunities.”

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.