Delaware County National Tenant Retail Center Closing
christopherwiener
Aug 23, 2023
2 min read
Updated: Sep 5, 2023
FOLCROFT, PA, March 7, 2023 – 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 Popeyes and Dollar General, a 10,000-square foot retail property located in Folcroft, PA, according to Sean Beuche, Philadelphia regional manager and Pennsylvania broker of record. The asset sold for $3,879,310.
“The lease structure and real estate fundamentals gave our client a level of comfort to invest in this property because it provided them with long term security, a predictable income stream, and rental growth. Dollar General features 10% increases every five years which is very rare for this tenant,” said Mark Krantz, first vice president investments.
The buyer, a private investor, was secured and represented by Derrick Dougherty and Mark Krantz of Marcus & Millichap’s Philadelphia office.
“The buyer is a central New Jersey-based 1031-exchange investor who owns shopping centers throughout the Mid-Atlantic region. It was a pleasure to work with them and advise them throughout the entire process,” added Krantz.
Popeyes & Dollar General is located at 1861 Delmar Dr in Folcroft, PA. This property will benefit from the 381K surrounding residents within a five-mile radius in a dense in-fill Delaware County submarket outside of Philadelphia.
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com
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