Williamsport, PA, August 11th, 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 Chipotle, a 2,325-square-foot Net-Leased property located at1955 E 3rd St, Williamsport, PA, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for $2,191,218.
Steve Garthwaite and Derrick Dougherty had the exclusive listing to market the property on behalf of the seller, the developer of the site. Colin Reder and Scott Woodard had the opportunity to represent the buyer, a Pennsylvania based private investor.
“Chipotle continues to be one of the most successful and popular food chains in the market. This location was recently built in 2022 and has over 14 years remaining on the lease,” said Steve Garthwaite. Chipotle is a publicly traded credit tenant with an outstanding investment-grade credit rating of “A+” from S&P.
“The seller did an amazing job developing this site along East 3rd Street, within 1-mile of I-180, I-99, Route 220, and Route 15,” said Steve Garthwaite. The location offers a wide variety of market drivers, including 5.5K college students and UPMC Williamsport Hospital with over 200 beds within 3-miles of the subject site.
“Throughout the sale process, both the buyer and the seller were a pleasure to work with and were able to successfully close the deal, despite a few hurdles,” said Colin Reder.
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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